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UniCredit Upgraded to A- by S&P
October 10, 2025
UniCredit was upgraded by a notch to A- from BBB+ by S&P, putting it a notch above Italy’s sovereign rating. The upgrade reflects UniCredit’s diversified footprint across Italy, Germany, Austria, Central and Eastern Europe, which supports earnings stability and resilience. According to S&P, profitability is expected to remain strong, with a targeted RoTE above 20% for 2025–2027, supported by cost discipline, fee recovery, and solid asset quality. Its non-performing exposures stand at 2.8%, among the lowest in years. S&P also noted that UniCredit’s strong additional loss-absorbing capacity and diversified operations would help it withstand stress even if Italy were to default. Inorganic growth via acquisitions, for instance a stake in Commerzbank and Alpha Bank, would pressure the bank’s capital ratios but S&P believes that they will remain adequate.
UniCredit’s bonds traded stable with its EUR 5.625% Perp at 99.99, yielding 5.62%.
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