Fitch: Revenue Bonds - Viable Funding for Polish Municipal Utilities

Fitch Ratings-London/Warsaw-02 October 2008: Fitch Ratings says in a special report issued today that revenue bonds can constitute a viable source of funding for municipal utility companies that are implementing, or plan to implement, large capital expenditure programmes, often co-funded by the EU.

Fitch Changes UniCredit's Outlook to Neg; Affirms 'A+' Long-term IDR; Downgrades Individual to 'B/C'

Fitch Ratings-London/Milan/Frankfurt-02 October 2008: Fitch Ratings has today changed the Outlook on Italy-based UniCredit S.p.A. (UC) to Negative from Positive and affirmed its Long-term foreign currency Issuer Default Rating (IDR) at 'A+'. At the same time, the agency has downgraded its Individual rating to 'B/C' from 'B'. Its Short-term foreign currency IDR, Support rating and Support Rating Floor are affirmed at 'F1', '1' and 'A-' (A minus), respectively. UC's outstanding senior notes are affirmed at 'A+', its tier 2 subordinated notes and preferred stock at 'A' and tier 3 subordinated notes at 'A-' (A minus).