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S&P Credit Research793 word report
published Apr 20, 2009
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S&P Credit Research
| Abstract: | The ratings on Swiss bank UBS AG reflect our view of its own credit characteristics and extraordinary external support from the Swiss government and central bank (the SNB). Specifically, the long-term counterparty credit rating reflects a two-notch uplift from UBS' stand-alone credit profile, and our view of UBS' high systemic importance, the material support provided to date by the Swiss authorities, and the likelihood that additional support would be extended if required. UBS was loss-making in the 2007 and 2008 financial years and the first quarter of 2009 due to significant reported write-downs on outsized exposures to illiquid assets. In response, we have seen a number of managerial and governance changes and a focus on de-leveraging the balance sheet, de-risking
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: UBS AG Publication date: 20-Apr-2009 Primary Credit Analyst: Richard Barnes, London (44) 20-7176-7227; richard_barnes@standardandpoors.com Secondary Credit Analyst: Nick Hill, London (44) 20-7176-7216;...
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| Report Type: | Summary
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| Ticker: | UBSN@VX
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| Issuer: | UBS AG
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| GICS: | Diversified Capital Markets (40203030)
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Country: | Switzerland
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
Also from S&P Credit Research
- S&PCORRECT: Ratings On Four UBS AG Senior Unsecured Medium-Term Notes Withdrawn $100.00
LONDON (Standard&Poor's) Sept. 24, 2009--Standard&Poor's Ratings Services today corrected an error relating to four senior unsecured medium-term notes issued by UBS AG (A+/Stable/A-1). On Sept. 23, 2009, ratings were inadvertently assigned ...
- UBS AG Ratings Unaffected Following Announcement Of Second-Quarter 2009 Results $100.00
LONDON (Standard&Poor's) Aug. 4, 2009--Standard&Poor's Ratings Services said today that its ratings and outlook on UBS AG (A+/Stable/A-1) are unaffected by today's earnings announcement for the second quarter of 2009. UBS reported a Swiss franc ...
- UBS AG Announces Expected Second-Quarter Result And A CHF3.8 Billion Capital Increase; Ratings Unaffected $100.00
LONDON (Standard&Poor's) June 26, 2009--Standard&Poor's Ratings Services said today that its ratings on Swiss bank UBS AG (A+/Stable/A-1) are unaffected by yesterday's brief announcements regarding current trading performance and a share placing. ...
- UBS AG Reports Another Quarterly Loss In Q1; Ratings Unaffected $100.00
LONDON (Standard&Poor's) May 5, 2009--Standard&Poor's Ratings Services said today that its ratings and outlook on Swiss bank UBS AG (A+/Stable/A-1) are unaffected by today's announcement of a loss for the first quarter of 2009. This result, ...
- UBS AG $400.00
Extraordinary support from the Swiss central bank and government through asset transfers and a capital injection Relatively stable returns and cash generation from asset-gathering businesses Balance sheet de-leveraging since mid-2007 Financial ...
- UBS AG's Weak Fourth-Quarter 2008 Result In Line With Expectations; Ratings Unchanged $100.00
LONDON (Standard&Poor's) Feb. 10, 2009--Standard&Poor's Ratings Services said today that its ratings and outlook on Swiss bank UBS AG (A+/Stable/A-1) were unaffected by today's announcement of a Swiss francs (CHF) 26.1 billion pretax operating ...
- UBS AG Ratings Lowered To 'A+/A-1'; Off Watch; Outlook Stable; Hybrids Lowered To 'BBB+' $100.00
LONDON (Standard&Poor's) Dec. 19, 2008--Standard&Poor's Ratings Services said today it lowered its long-term counterparty credit ratings on Swiss bank UBS AG and its core subsidiaries UBS Ltd., UBS Loan Finance LLC, UBS Bank (Canada), and UBS ...
- Research Update: UBS AG Ratings Lowered To 'A+/A-1'; Off Watch; Outlook Stable; Hybrids Lowered To 'BBB+' $175.00
On Dec. 19, 2008, Standard&Poor's Ratings Services lowered its long-term counterparty credit ratings on Swiss bank UBS AG and its core subsidiaries UBS Ltd., UBS Loan Finance LLC, UBS Bank (Canada), and UBS Securities LLC to 'A+' from 'AA-'. ...
