In the context of Scope Ratings’ strategy of focussing on the needs of institutional investors, Scope will offer its unsolicited bank and covered bond credit ratings on a subscription basis only via its credit intelligence platform.

The Outlook change applies to the issuer ratings and other long-term ratings of Intesa, UniCredit and IBL. Short-term ratings have been affirmed with Stable Outlook.

Intesa and Unicredit’s Issuer Rating and other long-term ratings’ outlook affected; similar outlook adjustment for publicly rated IBL. Short-term ratings are affirmed with Stable Outlook.

Rating upgrades address new seniority ranking in resolution following passage of the 2018 Budget law, which introduces non-preferred senior debt in Italy.

The new ratings reflect Unicredit’s improved capital base, asset quality indicators, and strategic reshape under the new top management team.

Scope’s rating action takes account of the improving credit fundamentals of Unicredit, including the completion of the capital increase on 2 March.

The upgrade reflects the improving operating environment in Italy and an incipient turnaround in asset quality trends; S-2 short-term ratings and their Stable Outlook remain unchanged.