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Support-Driven IDRs: UniCredit Bank S.A.’s (UCBRO) Issuer Default Ratings (IDRs) and Shareholder Support Rating (SSR) reflect a high probability of support from the bank’s majority owner, UniCredit S.p.A. (UC; BBB/Stable). The Stable Outlook on UCBRO’s Long-Term IDR reflects that on the parent. Strategic UC Subsidiary: ���������ֳ� believes UC would have a strong propensity to support UCBRO, given its inclusion in UC’s single-point-of-entry resolution group and the considerable reputational risk for UC from a default of its Romanian subsidiary. We also factor in the strategic importance of UCBRO to the parent. We consider any support would be immaterial relative to UC’s ability to provide it. Merger Announced: UCBRO’s Viability Rating (VR) reflects its moderate franchise and weaker profitability than at larger domestic peers. It also considers its satisfactory asset quality, strong capitalisation, and stable funding and liquidity. The Rating Watch Positive (RWP) on UCBRO’s VR reflects the potential benefits to its standalone credit profile from the announced merger with Alpha Bank Romania S.A. (ABR). We will resolve the RWP on completion of the merger, which may extend beyond the typical six months for a Rating Watch resolution.