OREANDA-NEWS. October 20, 2011. Fitch Ratings has taken various rating actions on Italy-based UniCredit S.p.A.'sm ('A'/Rating Watch Negative/'F2') subsidiaries in Central and Eastern Europe. A full list of rating actions is at the end of this release, reported the press-centre of KASE.

The rating actions follow the placement of UniCredit's Long-term Issuer Default Rating (IDR) of 'A' on Rating Watch Negative (RWN) in 'Fitch Takes Rating Action on Major Italian Banks Following Sovereign Downgrade' on www.fitchratings.com.

The agency has revised of Russia-based ZAO Unicredit Bank's ('BBB+') and Kazakhstan-based ATF Bank's ('BBB') Long-term IDR Outlooks to Stable from Positive. The Outlook revisions reflect the greater uncertainty about the future ability of UniCredit to support its subsidiairies, as reflected in the RWN on the parent's ratings. As a result, the subsidiaries are unlikely to be upgraded, even f the Russian and Kazakhstan sovereigns (both currently on Positive Outlook) are upgraded. ATF's rating would be capped at a level one notch lower than the Russian subsiadiry in light of Fitch's view of the former's lower long-term strategic importance to the UniCredit group.

The RWN on Bank Pekao SA's Support Rating of '1' reflects the potential weakening of the parent's ability to provide support to its Polish subsidiary. However, Pekao's other ratings, including its Long-term IDR of 'A-'/Stable, are driven by its intrinsic strength and are hence unaffected by the rating actions taken on the parent.

Other subsidiaries' support-driven ratings were affirmed, as these are already capped by Country Ceilings in the jurisdictions where they operate.

The rating actions are as follows:

ATFBank:
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook changed to Stable from Positive

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

Long-term local currency IDR: affirmed at 'BBB'; Outlook changed to Stable from Positive

National Long-term Rating: affirmed at 'AAA(kaz)'; Outlook Stable

Viability Rating: 'b-'; Unaffected

Individual Rating: 'D/E'; Unaffected

Support Rating: affirmed at '2'

Senior unsecured debt: affirmed at 'BBB';

Subordinated debt: affirmed at 'BBB-';

National senior unsecured debt rating: affirmed at 'AAA(kaz)';

National subordinated debt: affirmed at 'AA+(kaz)'