Credit Suisse Group's Additional Tier 1 Hybrid Ratings Lowered To 'D' From 'C' On Write-Down; Ratings Then Withdrawn - S&P Global Ratings’ Credit Research

Credit Suisse Group's Additional Tier 1 Hybrid Ratings Lowered To 'D' From 'C' On Write-Down; Ratings Then Withdrawn

Credit Suisse Group's Additional Tier 1 Hybrid Ratings Lowered To 'D' From 'C' On Write-Down; Ratings Then Withdrawn - S&P Global Ratings’ Credit Research
Credit Suisse Group's Additional Tier 1 Hybrid Ratings Lowered To 'D' From 'C' On Write-Down; Ratings Then Withdrawn
Published Mar 23, 2023
3 pages (1382 words) — Published Mar 23, 2023
Price US$ 150.00  |  Buy this Report Now

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Abstract:

FRANKFURT (S&P Global Ratings) March 23, 2023--S&P Global Ratings today lowered to 'D' from 'C' its issue ratings on the additional tier 1 (AT1) hybrid capital instruments issued by Credit Suisse Group AG. We subsequently withdrew the ratings on these instruments. The rating actions follow the recently announced acquisition of Credit Suisse Group AG (BBB-/Watch Pos/--) and its subsidiaries by UBS Group AG (A-/Negative/A-2) in a merger that leaves UBS as the surviving entity. As part of the transaction, Swiss regulator FINMA determined that Credit Suisse will write down the AT1 hybrid capital notes to zero. The aggregate nominal amount of these instruments is approximately Swiss franc (CHF) 16 billion. Prior to the write-down, we had lowered our ratings on

  
Report Type:

Ratings Action

Ticker
CSGN@VX
Issuer
Credit Suisse Group AG
GICS
Diversified Capital Markets (40203030)
Sector
Global Issuers
Country
Switzerland
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Credit Suisse Group's Additional Tier 1 Hybrid Ratings Lowered To 'D' From 'C' On Write-Down; Ratings Then Withdrawn" Mar 23, 2023. Alacra Store. May 12, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Credit-Suisse-Group-s-Additional-Tier-1-Hybrid-Ratings-Lowered-To-D-From-C-On-Write-Down-Ratings-Then-Withdrawn-2963889>
  
APA:
S&P Global Ratings’ Credit Research. (). Credit Suisse Group's Additional Tier 1 Hybrid Ratings Lowered To 'D' From 'C' On Write-Down; Ratings Then Withdrawn Mar 23, 2023. New York, NY: Alacra Store. Retrieved May 12, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Credit-Suisse-Group-s-Additional-Tier-1-Hybrid-Ratings-Lowered-To-D-From-C-On-Write-Down-Ratings-Then-Withdrawn-2963889>
  
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