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Moody's changes outlook on UBI Banca's long-term senior unsecured debt ratings

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Moody's changes outlook on UBI Banca's long-term senior unsecured debt ratings

Moody's on May 14 affirmed Unione di Banche Italiane SpA's long-term issuer and senior unsecured debt ratings at Baa3 and revised the outlook to negative from stable.

The negative outlook reflects the rating agency's expectation of a reduction in the stock of the Italian bank's bail-in-able senior debt over the next 12 months to 18 months, during which a large amount of retail bonds are expected to mature.

Moody's also affirmed the bank's long- and short-term deposit ratings at Baa2/P-2, baseline and adjusted baseline credit assessments at "ba2" and long- and short-term counterparty risk assessments at Baa2(cr)/P-2(cr).

The long-term deposit rating carries a stable outlook, reflecting the agency's expectation that the bank will be able to maintain a gradual improvement in its credit profile.