OREANDA-NEWS. Fitch Ratings plans to withdraw the rating on Unione di Banche Italiane Scpa - UBI Banca's (UBI) residential mortgage obbligazioni bancarie garantite (OBG), which are guaranteed by UBI Finance S.r.l., in the next 30 days for commercial reasons.

Fitch reserves the right in its sole discretion to withdraw or maintain any rating at any time for any reason it deems sufficient. Fitch believes that investors benefit from the agency's rating coverage and is providing approximately 30 days' notice to the market on the withdrawal. Ratings are subject to analytical review and can change up to the time Fitch withdraws the ratings.

Fitch's last rating action for UBI's OBG was on 30 June 2015, when the rating was affirmed at 'A' with a Stable Outlook, three notches above the 'BBB'/Stable Issuer Default Rating. Under Fitch criteria, UBI's OBG could reach a maximum four notches above the issuer rating. However, the programme rating is constrained by the overcollateralisation (OC) of 18.3% that the issuer publicly undertakes to provide through the programme's asset percentage, which is lower than Fitch's calculated breakeven OC at 'A+' of about 21%.