On November 7, 2017, Standard & Poor’s Global Ratings (S&P) changed rating outlook for AO UniCredit Bank from Stable to Positive, affirms BB+/B rating.

As mentioned in the S&P press-release, the outlook revision to positive follows the raising of the long-term issuer credit rating on the Bank’s parent company UniCredit SpA to ’BBB’ from ’BBB-’. The upgrade indicates the Group’s increased ability to support its subsidiaries.

The rating affirmation reflects the Bank’s unchanged fundamentals, such as its strong market position, sustainable revenues, and sound level and quality of capitalization. The affirmation also incorporates the agency’s view of the Bank’s good earnings capacity over the cycle, and healthy risk-management system, which result in better asset quality than the system average.

The positive outlook on UniCredit Bank Russia mirrors that on Russia.

For further details please see S&P corresponding press release on the rating agency website www.standardandpoors.com.