...April 13, 2021 LONDON (S&P Global Ratings) April 13, 2021--S&P Global Ratings said today that although Credit Suisse Group AG (Credit Suisse; ###+/Negative/--) continues to wind down its supply chain finance funds, the ultimate recovery rate remains uncertain. These funds do not constitute a direct financial risk for Credit Suisse because it does not guarantee them and has given no indication that it would compensate investors for any losses. However, we see potential indirect financial risks including possible legal and regulatory actions, as well as potential reputational damage. Credit Suisse announced today that its four Greensill-related supply chain funds had collected an aggregate $5.4 billion in cash and cash equivalents as at April 9, 2021. This represents slightly more than half of the funds' $10 billion assets under management at the time of their suspension. The funds are paying a second cash distribution of $1.7 billion to investors, taking the total distribution to date to...
