...July 30, 2019 LONDON (S&P Global Ratings) July 30, 2019--S&P Global Ratings today said that Swiss bank holding company UBS Group AG (A-/Stable/A-2) has taken a further step toward directly issuing total loss-absorbing capacity (TLAC)-eligible senior debt. For tax reasons, UBS has to date issued TLAC-eligible senior debt and capital instruments from funding vehicle UBS Group Funding (Switzerland) AG, with a guarantee from UBS Group AG. However, recent changes to Swiss tax law cleared the way for UBS Group AG to issue directly. Accordingly, UBS has today updated the base prospectus for its TLAC-eligible senior debt program, with UBS Group AG replacing UBS Group Funding (Switzerland) AG as the issuer of new instruments. Our ratings on the TLAC-eligible senior debt program are unaffected by the change in issuer. This is because we base the existing ratings on the guarantee from UBS Group AG, which is now the direct obligor for new issues. More specifically, we have assigned our 'A-' long-term...
