Major franchises in private banking, investment banking, asset management, and Swiss retail and corporate banking Sound underlying returns Very good liquidity Strong capitalization Significant proportion of revenues derived from capital market levels and activity Large exposures to potentially volatile assets, notably leveraged lending and commercial real estate Subprime-related losses have revealed risk management weaknesses The ratings on Credit Suisse Group (CSG) reflect the combination of strong franchises in core group activities including private banking, investment banking, asset management, and Swiss domestic banking; sound underlying returns; very good liquidity; and strong capitalization. They also reflect the significant proportion of more volatile revenues (derived from capital markets activities); large current exposures to potentially risky assets, for example, leveraged loans and commercial mortgage-backed
