MILAN (Reuters) - Moody's would consider hiking UniCredit's junior credit rating one notch above Italy's sovereign rating if it bought Commerzbank, depending on a number of factors including an ability to contain execution and operational risks, the ratings agency said.

Italy fears that UniCredit may shift its central offices to Germany as part of any deal with Commerzbank, government officials said, adding Rome expects to have a say in the matter based on its 'golden power' rules.

A senior German banker said there a several reasons why a takeover of Commerzbank AG by UniCredit SpA could be beneficial, demonstrating that the strong opposition to the potential deal by the country’s government isn’t a national consensus.