...STOCKHOLM (S&P Global Ratings) March 2, 2017--S&P Global Ratings said today that its ratings on the outstanding additional tier 1 (AT1) instruments and total loss-absorbing capacity (TLAC) eligible senior unsecured debt instruments issued by Switzerland-based UBS Group AG (A-/Stable/A-2) are unaffected by the group's announcement to establish new entity UBS Group Funding (Switzerland) AG. The new entity will be guaranteed by UBS Group AG, in line with our guarantee criteria, and is expected to be the issuer for UBS Group AG's future AT1 and TLAC instruments. In addition, UBS Group AG announced its intention to substitute the new entity as the issuer for all outstanding TLAC-eligible senior unsecured debt, which are currently issued by UBS Group Funding (Jersey) Ltd., also guaranteed by UBS Group AG. Furthermore, the bank is considering transferring existing AT1 instruments issued by UBS Group AG to the new entity, subject to regulatory review. We believe that the issuer substitution of...
