UniCredit: S&P changed UniCredit SpA's outlook to stable from negative

The Rating Agency S&P Global Ratings ('S&P') has changed UniCredit SpA's outlook to stable (from negative).

The 'BBB' long- and 'A-2' short-term Issuer Credit Ratings have been affirmed. The issue ratings have been affirmed as well.

In S&P's view, UniCredit has materially improved its resilience to withstand a hypothetical default of the Italian sovereign ('BBB/A-2/negative outlook').Thus, UniCredit SpA could now be rated above Italy's long-term ratings.

For further details please see S&P's corresponding press release on the rating agency website www.capitaliq.com.

Milan, 15^th July 2019

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