PARIS (Standard&Poor's CreditWire) July 29, 1999--Standard&Poor's today affirmed its ratings on Credit Suisse Group (CSG) and related banking entities. The outlook remains negative. (See list below for all rating actions.) The ratings affirmation follows the announcement of sanctions imposed by Japan's Financial Reconstruction Commission (FRC) and Financial Supervisory Agency (FSA) on CSG entities operating in Tokyo. The Japanese regulators' action concludes an investigation, begun by the FSA in late January 1999, of CSG entities with regard to inappropriate derivatives transactions, and subsequent charges of obstruction and employee misconduct. In addition to revoking the license of Credit Suisse Financial Products' Tokyo branch, sanctions include the suspension of new business in certain of the group's other activities in
