Moody's on May 28 affirmed UniCredit Bank Austria AG's
The agency also affirmed the UniCredit SpA
In addition, Moody's affirmed the Austrian lender's Baa2 backed subordinated debt rating, its "baa3" baseline credit assessment and adjusted baseline credit assessment, and its A3(cr)/P-2(cr) counterparty risk assessments.
The ratings actions were triggered by the agency's assessment of UniCredit Bank Austria's improved financial strength and the likelihood of a baseline credit assessment upgrade. The actions were also prompted by the lower result for the lender's senior debt ratings from the agency's Advanced Loss Given Failure analysis, following the changes in UniCredit Bank Austria's liability structure as of December 2017, combined with the uncertainty surrounding the bank's future issuing activity with respect to senior unsecured and subordinated debt instruments.
