OREANDA-NEWS. Fitch Ratings has affirmed Unione di Banche Italiane Scpa - UBI Banca's (UBI, BBB/Stable/F3) mortgage covered bonds (Obbligazioni Bancarie Garantite, OBG) guaranteed by UBI Finance S.r.l. (UBI Finance) at 'A' with a Stable Outlook. Fitch has subsequently withdrawn the covered bonds' rating.

KEY RATING DRIVERS
The 'A' rating was based on UBI's Long-term Issuer Default Rating (IDR) of 'BBB', an unchanged IDR uplift of 0, an unchanged Discontinuity Cap of 2 notches (high risk) and the 84.5% asset percentage (AP) that Fitch takes into account in its analysis, which is in line with the unchanged 'A' breakeven AP. The Stable Outlook on the covered bonds' rating reflected that on UBI's IDR.

Fitch has chosen to withdraw the rating on UBI's OBG programme guaranteed by UBI Finance for commercial reasons. Fitch will no longer provide rating or analytical coverage of this mortgage covered bonds programme.