Creditreform Rating has set the rating of the mortgage covered bonds of UniCredit S.p.A. guaranteed by UniCredit OBG S.r.l. at "watch neutral". This is primarily due to the issuer rating, which is also set at "watch (unknown)". In the wake of the Russian-Ukrainian war, the "stable" outlook of the issuer is withdrawn and "watch (unknown)" status is assigned in light of this development. Should any changes occur to the rating in the future, we will update them accordingly during monitoring.
Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.