Standard&Poor's lowered its long- and short-term counterparty credit ratings on Credit Suisse Group (CSG) to single-'A'-plus and 'A-1' from double-'A'-minus and 'A-1'-plus, respectively on May 10, 2002. The rating actions are based on Standard&Poor's belief that weak performance in 2001, which is expected to continue to be challenged in 2002 given the current operating environment, severely limits the earnings generation necessary to strengthen capital ratios following the acquisition of Donaldson, Lufkin&Jenrette (DLJ). At the same time, Standard&Poor's lowered its long-term ratings on CSG's primary operating entities--including Credit Suisse and Credit Suisse First Boston (CSFB)--to double-'A'-minus from double-'A'. The outlook is stable. The ratings on CSG and its related entities continue to reflect
