FRANKFURT (S&P Global Ratings) Feb. 9, 2024--S&P Global Ratings has corrected its rating on Switzerland-based UBS Group AG?s junior subordinated debt--specifically, the $1 billion variable/fixed-rate callable resettable perpetual AT1 hybrid--to 'BB'. Due to an error on its side, S&P Global Ratings had incorrectly assigned its 'BB+' rating to the $1 billion variable/fixed-rate callable resettable perpetual AT1 hybrid. The issue rating on this instrument is 'BB', five notches lower than our 'A-' long-term issuer credit rating on UBS Group. The notching to derive the rating on the AT1 notes is in line with the approach for UBS Group's existing high-trigger junior subordinated instruments. We have corrected this error. General Criteria: Hybrid Capital: Methodology And Assumptions, March 2, 2022 Criteria Financial Institutions
