UniCredit rating outlook improves amid Commerzbank acquisition

Fitch Ratings confirmed UniCredit’s long‑term issuer default rating at “A‑” and its short‑term rating at “F2”, keeping the outlook stable. The agency noted that a successful acquisition of Commerzbank could raise UniCredit’s rating two notches above Italy’s sovereign debt, potentially surpassing the current level of the BTP.

Barclays analysts said the deal would lead UniCredit to cancel its share‑buyback programme, lift its CET1 ratio to about 15.1%, and integrate Commerzbank line‑by‑line from the fourth quarter of 2026 or early 2027, pending regulatory approvals.

Moody’s placed UniCredit’s baseline credit assessment under review, indicating a possible upgrade from “baa2” to “baa1” if the transaction receives all required approvals and is fully consolidated. Moody’s also reaffirmed the senior unsecured debt and long‑term deposit ratings at “A3” with a stable outlook, already two notches above the Italian sovereign rating.