March 20, 2012 / 4:27 PM / 5 years ago

TEXT-S&P on various UniCredit Bank credit-linked notes

March 20 - OVERVIEW	
     -- Today's rating actions follow our review of UniCredit Bank Austria's 	
BA-CA credit-linked notes (CLNs) and UniCredit Bank AG's HVB CLNs, using the 	
latest available monthly servicer report of December 2011, as well as 	
loan-level data received from the servicer. The rating actions are driven 	
primarily by our current view on the concentration risk inherent in each of 	
the portfolios.	
     -- Following our analysis, we have lowered our ratings on UniCredit Bank 	
Austria's class A2 and B2 BA-CA floating-rate CLNs.	
     --RELATED CRITERIA AND RESEARCH	
	
     -- European Structured Finance Scenario And Sensitivity Analysis: The 	
Effects Of The Top Five Macroeconomic Factors, March 14, 2012	
     -- Request For Comment: European SME CLO Methodology And Assumptions, 	
Jan. 17, 2012	
     -- Request For Comment: Counterparty And Supporting Obligations 	
Methodology And Assumptions--Expanded Framework, Nov. 21, 2011	
     -- Global Structured Finance Scenario And Sensitivity Analysis: The 	
Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011	
     -- Counterparty And Supporting Obligations Methodology And Assumptions, 	
Dec. 6, 2010	
     -- Methodology And Assumptions: Update To The Cash Flow Criteria For 	
European RMBS Transactions, Jan. 6, 2009	
  	
RATINGS LIST	
	
Class                 Rating	
            To                     From	
	
UniCredit Bank Austria AG	
EUR0.2 Million BA-CA Floating-Rate Credit-Linked Notes (EuroConnect SME 2008 	
Ltd.)	
	
Ratings Lowered	
	
A2          BBB+ (sf)              AAA (sf)	
B2          BB+ (sf)               A (sf)	
	
UniCredit Bank AG	
EUR0.2 Million HVB Floating-Rate Credit-Linked Notes (EuroConnect SME 2008 Ltd.)	
	
Rating Lowered	
	
A2          AA (sf)                AAA (sf)	
	
Rating Affirmed	
	
B2          A (sf)

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