The credit rating agency Standard & Poor’s has confirmed the existing long-term and short-term rating of the Italian bank UniCredit as part of the rating review of Italian banks.
UniCredit’s long-term and short-term rating of A/A1 has been confirmed, along with a ‘stable’ outlook. The agency completed the review of the ratings of Italian banks at the end of last week after revising forecasts regarding their potential credit losses and profit forecasts for this year and next year. Italian banks expect that after the rapid and sharp decline in economic activity in the 2008/2009 period, very low rates of economic growth will ‘test’ the profitability of banking operations in Italy. (H)
