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S&P corrects UniCredit Bank Austria's EUR40m debt rating

Nov 06, 2009 (AIRLINE INDUSTRY INFORMATION via COMTEX) --

6 November 2009 - S&P today corrected to BB+ from BBB- and removed from "negative" watch the issue rating on the EUR40m (USD59.5m) credit-linked note issued by UniCredit Bank Austria AG, part of European banking giant UniCredit (BIT:UCG).

On June 16, 2009, the rating service lowered to BB+ from BBB- the note's obligor, Austrian building materials group Wienerberger AG, and removed its ratings from "negative" watch.

However, due to an administrative error, the agency kept the rating on the credit-linked notes intact at BBB-, instead of cutting them to BB+ and resolving the "negative" watch, which prompted Friday's correction. 

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