TEXT - Fitch rates UniCredit Bank AG medium term note program
Feb 1 - Fitch Ratings has assigned UniCredit Bank AG's (HVB) EUR5bn medium term note programme a final Long-Term senior unsecured debt rating of 'A+' and a Short-Term senior unsecured debt rating of 'F1+'. Although the programme is active and HVB could potentially use the programme to issue debt through its Hong Kong, Singapore and Tokyo branches in the future, it has not made use of it yet. RATING ACTION RATIONALE The programme's Long-Term senior unsecured debt rating of 'A+' and the Short-Term senior unsecured debt rating of 'F1+' are consistent with HVB's Long-Term Issuer Default Rating (IDR) and its Short-Term IDR. The Outlook on the Long-Term IDR is Stable. HVB has a Support Rating of '1' and the Support Rating Floor (SRF) is 'A+'. RATING DRIVERS AND SENSITIVITIES - IDRs AND SENIOR DEBT HVB's IDRs are driven by expected government support. While Fitch believes HVB would first look to its 100% owner, UniCredit S.p.A. ('A-'/Negative) for support, if needed, the likelihood of support by the Federal Republic of Germany remains extremely high. HVB's IDRs, Support Rating and SRF are sensitive to developments within the regulatory, political and legal framework, either in Germany or at a pan-European level. Any changes in the agency's view of support would result in downgrades of the bank's IDRs, Support Rating and SRF. These ratings are also sensitive to any change in Fitch's view of the ability of the German authorities to provide support, which would be signalled by a downgrade of the sovereign rating. Fitch stresses that there is no assurance that notes issued in the future under the programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will have the same rating as the programme rating. The agency does not assign generic programme ratings to subordinated debt, which will be rated on a case-by-case basis.