The ratings on Credit Suisse Group (CSG) and its related entities continue to reflect the group's strong market positioning, and overall sound financial strength. The ratings are also supported by a well-diversified business and geographic profile, which generally assures a broad earnings stream. Nevertheless, as operating charges have been absorbing a comparatively high proportion of revenues, CSG has been struggling with a cost structure that is incommensurate with that of a globally integrated group. Moreover, the group's poor performance in the past year has been exacerbated by a persistently weak operating environment, particularly for investment banking. While performance in CSG's other main operating entities has been generally sustained, it has been insufficient to offset both a general decline in revenues,
