/Fitch Ratings, June 22, 07, title by KASE/ - Today Fitch Ratings affirmed the ratings of UniCredito Italiano (further - "UCI"): long term rating of default of the issuer (RDI), forecast "Positive", short-term RDI "F1", individual rating "B" and rating of support "1". Level of support of long-term RDI was left without changes: "A-" (A minus). The given rating action had followed after announcements about agreement between UCI and private shareholders about purchasing through Austrian daughter bank (Bank Austria Creditanstalt, further - "BACA"), of majority shareholding of ATFBank, Kazakhstan.

Also Fitch placed under observation to the list Rating Watch "Positive" the next ratings of ATFBank: long term RDI "BB-" (BB minus), short-term RDI "B" and rating of support "3". Individual rating of the bank was confirmed on the level "D". Current level of support of long-term RDI of bank - "BB-" (BB minus) - was based upon support from the side of state. In case of conduction the deal, Fitch will make an analysis in accordance with criteria, relating to support from institutional owner. Except this, Fitch conducted the number of rating actions in relation of daughter companies of UCI, including BACA (see further).

Deal, which have to accept the approval from regulating bodies, will be paid by money funds and will create the significant good-will. The purchasing will decrease coefficient of fixed capital of bank by about 30 basis points. Nevertheless, UCI confirms the aiming on coefficient of fixed capital of the first level at 6.8% to the end of year 2008, which will be reached mainly due to generating of capital at the expense of income, and also partially by the expense of selling of number of non-strategic assets and Bank BPH, in Poland. After purchasing will take place the strengthening of clients' base of UCI in Eastern Europe and CIS, which corresponds the announced strategy of the bank.

Placement of ratings of ATFBank to the list Rating Watch "Positive" reflects the higher probability of receiving the support in case of need, if the deal will be conducted with consideration of abilities and expected readiness of UCI to provide such support. Fitch supposes that in case of conduction of deal, long-term RDI of ATFBank will be increased to country's ceiling for Kazakhstan, which currently is on the level "BBB+".

UCI - is the second largest bank of Italy by the size of joint assets in the country. Recently the bank had made the proposal about purchasing Capitalia, fourth largest bank of Italy (see the message from Fitch dated May 21, 2007 on the web site at www.fitchratings.com), as the result of which it will become one of the largest banks in Europe, which will have more than 7,500 subsidiaries in Europe, including Central and Eastern Europe and CIS. In the end of first quarter of year 2007 ATFBank was the fourth largest bank in Kazakhstan with weight in assets of banking system of the country 10%.

HVB, Germany Long-term RDI, short-term RDI, individual rating ad rating of support are confirmed correspondingly on the level "A", forecast "Positive", "F1" "C" and "1".

BACA, Austria Long-term RDI, short-term RDI, individual rating and rating of support are confirmed correspondingly on the level "A", forecast "Positive", "F1" "B/C" and "1".

Bank Pekao, Poland Long-term RDI, short-term RDI, individual rating and rating of support were confirmed correspondingly on the level "A", forecast "Positive", "F1" "B/C" and "1".

Bank BPH, Poland Rating of support "1" was left in the list Rating Watch "Negative".

Zagrebacka Banka, Croatia Long-term RDI, Short-term RDI, short-term RDI, individual rating and rating of support were confirmed correspondingly on the level "BBB+", forecast "Stable", "F2" "C/D" and "2".

UniCredit Tiriac, Romania Long-term RDI, short-term RDI and rating of support were confirmed correspondingly on the level "A-" (A minus), forecast "Stable", "F2" and "1". Individual rating "D" was left in the list Rating Watch "Developing".

International Moscow Bank, Russia Long-term RDI, short-term RDI, individual rating and rating of support were confirmed correspondingly on the level "A-" (A minus), forecast "Stable", "F2" "C/D" and "1". Long-term RDI in national currency and short-term RDI in national currency were confirmed correspondingly on the level "A-", forecast "Stable" and "F2".

Yapi ve Kredi Bankasi, Turkey Long-term RDI in foreign currency, short-term RDI, individual rating and rating of support were confirmed correspondingly on the level "BB", forecast "Stable", "B" "D" and "3". Long-term RDI in national currency and short-term RDI in national currency were confirmed correspondingly at the level "BB+", forecast "Stable" and "B". National long-term rating was confirmed on the level "AA+(tur)", forecast "Stable".

Unicredit Bulbank, Bulgaria Rating of support was confirmed on level "1".

UniBanka, Slovakia Rating of support was confirmed on level "1".

Contacts: Klodia Nelson, London, tel.: + 44 20 7417 4269 Maria Hose Lokerbi, London, tel.: + 44 20 7417 4318 Francheska Vashimino, Milan, tel.: +39 02 879 087 225 James Watson, Moscow, tel.: + 7 495 956 6657

Contacts for press: Alla Izmaylova, Moscow, tel.: + 7 495 956 9901/9903, alla.izmailova@fitchratings.com

[2007-06-25]