We believe the difficult operating environment continues to challenge Credit Suisse's profitability as it implements its strategic repositioning. However, we believe that the group will preserve strong capital, as it reallocates capital resources within the group, and will continue to benefit from several stable lines of business with low risk profiles. We are affirming our 'A/A-1' issuer credit ratings on Credit Suisse AG and our 'BBB+' rating on Credit Suisse Group AG. The stable outlook reflects our expectation that the group will maintain strong capital levels and its sound market position as it proceeds with implementing its business restructuring. On July 20, 2016, S&P Global Ratings affirmed its 'A/A-1' long- and short-term issuer credit ratings (ICR) on Credit Suisse AG
