(Alliance News) - UniCredit Spa has announced that Fitch has upgraded the bank's long-term deposit rating from 'A' to 'A+', reflecting the enhanced protection for depositors resulting from the application of recently adopted new bank rating criteria.

As the agency explained, deposits are now rated three notches above the Italian sovereign rating. The long-term issuer default rating was affirmed at 'A-', with the outlook remaining Stable.

The rating agency also took positive action on the ratings of the German subsidiary, now fully recognizing the structural protection provided by internal MREL instruments supplied by the parent company.

Specifically, UniCredit Bank GmbH's long-term issuer default rating was upgraded from 'A-' to 'A', the short-term issuer default rating from 'F2' to 'F1', while the long-term deposit rating was raised from 'A' to 'A+'.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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