Moody's Puts UniCredit's Stand-alone Rating on Review for Upgrade Post Commerzbank Bid

11:43 PM EDT, 07/21/2026 (MT Newswires) -- Moody's on Tuesday placed UniCredit's (UCG.MI) baseline credit assessment of baa2 on review for upgrade to baa1, after the Italian lender secured a potential 47.59% stake in German peer Commerzbank (CBK.F) at the conclusion of its voluntary exchange offer. The rating agency could raise the stand-alone rating above Italy's Baa2 sovereign rating if UniCredit obtains regulatory clearance to settle the exchange offer, leading to the consolidation of Commerzbank. At the same time, UniCredit's long-term deposit and senior unsecured debt ratings were kept at A3 as they are already at the maximum level, which is two notches above the Italian sovereign rating. The stable outlook on the ratings was also maintained, underpinned by the stable outlook on Italy.