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Bond Market News
UniCredit Upgraded to BBB+ by Fitch
November 1, 2024
UniCredit was upgraded to BBB+ from BBB by Fitch. The rating agency said that the long restructuring and balance sheet de-risking program had materially improved the group’s loss absorption capacity. This makes it believe that UniCredit can be “capped at – a rating one notch above the Italian sovereign” rating of BBB. UniCredit’s wider geographical footprint as compared to its peers is considered a business model strength. Fitch noted that UniCredit is well capitalized and above regulatory requirements with its medium-term CET1 ratio target at 12.5-13.0%. Besides, Fitch also highlighted the company’s diversified funding sources and sound liquidity as positives. Also, UniCredit is expected to maintain a level of profitability above the large European banks’ average, as per Fitch, adding to the reasons for its upgrade.
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