Moody's on May 31 took ratings action on UniCredit SpA's Germany- and Luxembourg-based subsidiaries.

The rating agency downgraded UniCredit Bank AG's long-term issuer rating and senior unsecured debt rating to Baa2 from Baa1, with the outlook on both ratings stable. The agency affirmed the German unit's A2/P-1 long- and short-term bank deposits, A2 senior unsecured debt rating, "baa2" baseline credit assessment and adjusted baseline credit assessment and A1(cr)/P-1(cr) long- and short-term counterparty risk assessments.

Meanwhile, Moody's upgraded UniCredit Luxembourg SA's long- and short-term bank deposits ratings to A2/P-1 from A3/P-2 and the long-term counterparty risk assessment to A1(cr) from A2(cr). The rating agency also affirmed the subsidiary's Baa2 long-term issuer rating, "baa2" baseline credit assessment and adjusted baseline credit assessment and the P-1(cr) short-term counterparty risk assessment. The outlook on the long-term bank deposits rating and issuer rating is stable.