TEXT-Fitch cuts 2 of Intesa's CEE subsidiaries; affirms UniCredit's subsidiaries

(The following statement was released by the rating agency)

Feb 08 - Fitch Ratings has downgraded Slovenia's Banka Koper d.d. (Koper) and Slovakia's Vseobecna Uverova Banka (VUB) Long-term Issuer Default Ratings (IDRs) to 'BBB+' from 'A-'.The downgrades are driven by the reduced ability of the parent bank, Intesa Sanpaolo , to provide support to its subsidiaries, as reflected in the recent downgrade of its Long-term IDR to 'A-' from 'A' (see 'Fitch Takes Rating Action on Italian Banks Following Sovereign Downgrade' dated 06 February 2012 at www.fitchratings.com). The Negative Outlooks on Koper's and VUB's IDR's reflect that on Intesa.

At the same time, Fitch has affirmed the Long-term IDRs of the following subsidiaries of UniCredit S.p.A : UniCredit Tiriac Bank S.A. of Romania (foreign currency IDR 'BBB+'); ZAO UniCredit Bank of Russia (foreign currency IDR 'BBB+'); ATF Bank JSC of Kazakhstan (foreign currency IDR 'BBB'); and Yapi ve Kredi Bankasi A.S. (YKB) of Turkey (foreign currency IDR 'BBB-', LC IDR 'BBB'). The affirmations follow the affirmation of UniCredit S.p.A.'s Long-term IDR at 'A-' with a Negative Outlook .

ATF is rated two notches below its ultimate parent to reflect what Fitch views as the bank's low strategic importance to the group. YKB's local currency Long-term IDR is maintained two notches below UniCredit S.p.A.'s to reflect its non-controlling stake in the bank (UniCredit indirectly owns a 50% stake in Koc Financial Services, which in turn holds an 81.8% stake in YKB). The Negative Outlooks on UniCredit's subsidiaries reflect those on the parent, while the Stable Outlook on YKB's foreign currency Long-term IDR reflects the fact that this rating is underpinned by YKB's own stand-alone strength, as expressed in its 'bbb-' Viability Rating.

Today's rating actions resolve the Rating Watch Negative (RWN) that was placed on certain of these banks' ratings in December 2011, and follows the recent resolution of the RWN on the ratings of Intesa Sanpaolo and UniCredit S.p.A.

The rating actions are as follows:

YKB

Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook Stable

Long-term local currency IDR: affirmed at 'BBB'; removed from RWN; Outlook Negative

Short-term foreign currency IDR: affirmed at 'F3'

Short-term local currency IDR: affirmed at 'F3'

National Long-term rating: affirmed at 'AAA(tur)'; Outlook Stable

Support Rating: affirmed at '2'

Senior unsecured debt: affirmed at 'BBB-'

Viability Rating: 'bbb-'; unaffected

ZAO UniCredit Bank

Long-term foreign currency IDR: affirmed at 'BBB+'; removed from RWN; Outlook Negative

Short-term foreign currency IDR: affirmed at 'F2', removed from RWN

Long-term local currency IDR: affirmed at 'BBB+'; removed from RWN; Outlook Negative

Short-term local currency IDR: affirmed at 'F2'; removed from RWN

National Long-term Rating: affirmed at 'AAA(rus)'; removed from RWN; Outlook Stable

Support Rating: affirmed at '2'

Viability Rating: 'bb+'; unaffected