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[FONT="]Moody's corrects ratings on UniCredit Bank Austria instruments[/FONT][FONT="] [/FONT]
[FONT="] [/FONT][FONT="]AUSTND0020091030e5au000jh[/FONT][FONT="] [/FONT]
[FONT="] 319 Words [/FONT]
[FONT="] 30 October 2009 [/FONT]
[FONT="] Austrian News Digest [/FONT]
[FONT="] austnd [/FONT]
[FONT="] English [/FONT]
[FONT="] (c) 2009. AII Data Processing Ltd. All Rights Reserved.[/FONT]
[FONT="](ADPnews) – Oct 30, 2009 – Moody's has changed the ratings on preferred securities and subordinated hybrid notes issued by UniCredit Bank Austria AG to accurately reflect its hybrid methodology and correct a misclassification.[/FONT]
[FONT="]Specifically, the move concerned the bank's EUR 250 million (USD 369.1m) preferred securities, ISIN E000A0DD4K8, and EUR 150 million preferred securities, ISIN E000A0DYW70, as well as its EUR 20 million Ergaenzungskapital notes, ISIN:AT0000248232. The rating on the preferred securities was revised to Baa1 from A3, whereas the one on the hybrid notes to A3 from A1.[/FONT]
[FONT="]"The preferred securities of Bank Austria were lowered to A3 from A1 on 27 April 2009 in the context of the rating action on the bank's financial strength rating (BFSR) and its long-term debt ratings. According to Moody's current hybrid methodology and based on the terms and conditions of the instruments, Moody's should have applied a three-notch differential from Bank Austria's A1 senior debt and deposit ratings, rather than a two-notch differential. Therefore, the ratings have today been corrected to Baa1 from A3. The ratings carry a negative outlook in line with that on the bank's senior debt and deposit ratings," Moody's said.[/FONT]
[FONT="]The Ergaenzungskapital notes were erroneously classified as senior debt. However, following a review of the stipulations of the instruments, they have been reclassified as subordinated hybrid notes, the agency said. The outlook on the ratings is "negative" mirroring the outlook on the bank's senior debt and deposit ratings, Moody's added.[/FONT]
[FONT="]Moody's also noted that it requested market feedback on possible alterations to its bank subordinated capital methodology. If this new approach is adopted as intended, there might be a negative impact on the rating on the abovementioned securities.[/FONT]
[FONT="](EUR 1 = USD 1.476)[/FONT]
[FONT="]Rating agency website: www.moodys.com[/FONT]
[FONT="]Source: (IM/RV/IM)[/FONT]
[FONT="] [/FONT][FONT="]AUSTND0020091030e5au000jh[/FONT][FONT="] [/FONT]
[FONT="] 319 Words [/FONT]
[FONT="] 30 October 2009 [/FONT]
[FONT="] Austrian News Digest [/FONT]
[FONT="] austnd [/FONT]
[FONT="] English [/FONT]
[FONT="] (c) 2009. AII Data Processing Ltd. All Rights Reserved.[/FONT]
[FONT="](ADPnews) – Oct 30, 2009 – Moody's has changed the ratings on preferred securities and subordinated hybrid notes issued by UniCredit Bank Austria AG to accurately reflect its hybrid methodology and correct a misclassification.[/FONT]
[FONT="]Specifically, the move concerned the bank's EUR 250 million (USD 369.1m) preferred securities, ISIN E000A0DD4K8, and EUR 150 million preferred securities, ISIN E000A0DYW70, as well as its EUR 20 million Ergaenzungskapital notes, ISIN:AT0000248232. The rating on the preferred securities was revised to Baa1 from A3, whereas the one on the hybrid notes to A3 from A1.[/FONT]
[FONT="]"The preferred securities of Bank Austria were lowered to A3 from A1 on 27 April 2009 in the context of the rating action on the bank's financial strength rating (BFSR) and its long-term debt ratings. According to Moody's current hybrid methodology and based on the terms and conditions of the instruments, Moody's should have applied a three-notch differential from Bank Austria's A1 senior debt and deposit ratings, rather than a two-notch differential. Therefore, the ratings have today been corrected to Baa1 from A3. The ratings carry a negative outlook in line with that on the bank's senior debt and deposit ratings," Moody's said.[/FONT]
[FONT="]The Ergaenzungskapital notes were erroneously classified as senior debt. However, following a review of the stipulations of the instruments, they have been reclassified as subordinated hybrid notes, the agency said. The outlook on the ratings is "negative" mirroring the outlook on the bank's senior debt and deposit ratings, Moody's added.[/FONT]
[FONT="]Moody's also noted that it requested market feedback on possible alterations to its bank subordinated capital methodology. If this new approach is adopted as intended, there might be a negative impact on the rating on the abovementioned securities.[/FONT]
[FONT="](EUR 1 = USD 1.476)[/FONT]
[FONT="]Rating agency website: www.moodys.com[/FONT]
[FONT="]Source: (IM/RV/IM)[/FONT]