Research Update: Credit Suisse Entities Upgraded To 'A+' On Improved Support Prospects; Ratings On UBS Entities Affirmed

On Aug. 31, 2023, UBS Group AG announced its results for second-quarter 2023, including Credit Suisse's operations in the consolidated reporting for the first time, and disclosed details of the group's restructuring. We raised our long-term issuer credit rating on Credit Suisse's operating companies to 'A+' from 'A'. Following the announcement that UBS Group would integrate Credit Suisse AG, the main operating bank of the group that also holds most subsidiaries, we now see Credit Suisse's European and U.S. operating companies as core to UBS Group's operations and expect them to be supported in any foreseeable circumstances. The outlooks on these entities are stable. We affirmed the 'A-/A-2' issuer credit ratings on UBS Group AG and UBS Americas Holding LLC,

...- On Aug. 31, 2023, UBS Group AG announced its results for second-quarter 2023, including Credit Suisse's operations in the consolidated reporting for the first time, and disclosed details of the group's restructuring. - We raised our long-term issuer credit rating on Credit Suisse's operating companies to 'A+' from 'A'. - Following the announcement that UBS Group would integrate Credit Suisse AG, the main operating bank of the group that also holds most subsidiaries, we now see Credit Suisse's European and U.S. operating companies as core to UBS Group's operations and expect them to be supported in any foreseeable circumstances. The outlooks on these entities are stable. - We affirmed the 'A-/A-2' issuer credit ratings on UBS Group AG and UBS Americas Holding LLC, UBS group's nonoperating holding companies. The outlooks remain negative. - We also affirmed our 'A+/A-1' long- and short-term issuer credit ratings on all UBS's existing core operating entities, including UBS AG. The outlooks...

Research Update