UCG Moody's places UniCredit on review for upgrade following the offer on Commerzbank and reiterates potential for stand-alone rating above the sovereign

The rating agency Moody’s has placed UniCredit SpA’s stand-alone rating (“Baseline Credit Assessment”) on review for upgrade following the offer on Commerzbank.
According to the rating agency, UniCredit’s stand-alone rating could be upgraded from ‘baa2’ to ‘baa1’ if the bank receives all necessary authorizations and settles the tendered shares gaining control and consolidating Commerzbank. An upgrade of the stand-alone rating would lead to one notch higher ratings for senior non-preferred and more junior debt. At the same time Moody's has affirmed UniCredit SpA’s senior preferred and long-term deposit ratings at ‘A3’ with a ‘Stable’ outlook, as they are already at maximum two notches above the Italian sovereign rating. For further details please refer to the corresponding press release on the website of the rating agency: www.moodys.com Milan, 21 July 2026 Contacts Media Relations: e-mail MediaRelations@unicredit.eu Investor Relations: e-mail InvestorRelations@unicredit.eu