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Moody's revises outlook on UniCredit Bank Austria's debt, deposit ratings

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Moody's revises outlook on UniCredit Bank Austria's debt, deposit ratings

Moody's on May 28 affirmed UniCredit Bank Austria AG's long- and short-term bank deposit ratings at Baa1/P-2 and revised the outlook on the long-term rating to positive from stable.

The agency also affirmed the UniCredit SpA unit's senior unsecured debt rating at Baa1 and its backed senior unsecured ratings at A2, and revised the outlook on the ratings to developing from stable.

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.