LONDON (S&P Global Ratings) Sept. 30, 2019--Swiss bank UBS' confirmation that it expects to migrate outstanding debt instruments to UBS Group AG from UBS Group Funding (Switzerland) AG by mid-October, is neutral for S&P Global Ratings' issue ratings. This is because our current ratings reflect a guarantee from UBS Group AG, which will become the direct obligor. The issuer substitution will apply to all of UBS Group Funding (Switzerland) AG's outstanding debt. These issues comprise Additional Tier 1 (AT1) and total loss-absorbing capacity (TLAC)-eligible senior unsecured instruments. The transfer does not affect the issues' eligibility for inclusion in our risk-adjusted capital and additional loss-absorbing capacity ratios. UBS has issued new AT1 and senior TLAC debt directly from UBS Group AG
