Fitch Ratings has upgraded the long-term debt rating (IDR) of Italian banking group UniCredit SpA from “BBB minus” to “BBB” with a stable outlook, and its viability rating (VR) from “bbb minus” “a statement from the financial rating agency informs Agbpres.”

The short-term rating has also been upgraded to “F2” from “F3”.

The rating action follows an upward revision of Italy’s sovereign rating from “BBB minus” to “BBB” on December 3rd. Italy’s rating also supports the growing revision of the operating environment rating from “bbb” to “bbb plus”, taking into account the influence that Italian operations have on the bank’s overall assessment of its operating environment, it said. financial evaluation agency.

The improvement in ratings mainly reflects the benefits to UniCredit’s business and risk profile from operating in a more robust and stable environment, which should result in reduced risk and a higher potential for the bank to generate more sustainable and solid profits. In addition, the growing review also reflects the benefits to the bank ‘s financing profile and market access, as they are influenced by Italy’ s perception of sovereign risk, which has now improved, according to Fitch.

The ratings of the Italian banking group continue to reflect its well-established commercial and retail banking franchise in several European countries, including more stable countries with a higher growth rate than Italy (Germany and Austria), which is offset by its operations. extended exposure to Italy. Fitch continues to appreciate that Italy has a proportionately high influence on UniCredit’s overall credit profile, as reflected in the sensitivity of the banking group’s overall performance to Italy’s operating environment.

UniCredit Group is one of the largest banking groups in Central and Eastern Europe, accounting for approximately 16% of its revenues. In Romania, the UniCredit Group is present through UniCredit Bank, UniCredit Consumer Financing, UniCredit Leasing Corporation, UniCredit Insurance Broker, UniCredit Leasing Fleet Management and UniCredit Services.

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