Prospectus - Notowania

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RISK FACTORS
the Issuer was aware, the investigation was supposed to be in relation to unknown
persons.
The afore-mentioned financial transactions are investments carried out within the
sphere of the management of the Group’s liquidity, finalized mainly by means of
repurchase agreements with other leading international banks.
Despite the fact the Issuer believes that it has acted correctly, at present it cannot be
excluded that on the outcome of said investigations the Authorities may bring charges
and that these proceedings may lead to detrimental effects for the UniCredit Group
companies involved.
For further information on the tax-related proceedings, see the First Section, Chapter
20, Paragraph 20.9.
4.1.16 Risks associated with the ratings assigned to the Issuer and to subsidiary
companies
As at the date of the Prospectus, the UniCredit rating assigned by Fitch was “F1” on
short-term debt, and “A” on medium/long-term debt, with an outlook – in other words
the parameter which indicates the expected trend in the near future regarding the rating
opinion of the Issuer – which is negative; the rating assigned by Moody’s is “P-1” on
short-term debt, and “Aa3” on medium/long-term debt, with a stable outlook; that
assigned by Standard & Poor’s is “A-1” on short-term debt, and “A” on medium/longterm
debt, with a stable outlook.
When determining the rating assigned to the Issuer, the agencies take into
consideration and examine various UniCredit Group performance indicators, including
the profitability and the ability to maintain its consolidated capital ratios under specific
limits. In the event that the UniCredit Group fails to achieve or maintain the results
gauged by one or more indicators, or in the event that UniCredit fails to maintain its
capital ratios under the pre-established limit, a deterioration could occur in
UniCredit’s rating assigned by Standard & Poor’s, Fitch and/or Moody’s, leading to a
consequent increase in the cost of funding loans, limited recourse to the capital
markets and the need to supplement the guarantees provided by the Group.
Any deterioration (so-called downgrading) in the rating of UniCredit and the related
subsidiaries which are assigned rating could lead to not only a rise in funding costs,
but also a limit on the sources of finance of the UniCredit Group and could also have
an impact on its liquidity.
A lowering of the credit ratings of UniCredit and the related subsidiaries could also
have negative repercussions on the Group’s liquidity and limit the Group’s ability to
carry out certain commercial activities, even strategically productive ones, leading to a
consequent negative impact on the financial, balance sheet and income statement
conditions of the UniCredit Group.
For information on the evolution of the Issuer’s rating, see the First Section, Chapter
6, Paragraph 6.12.