Standard&Poor's revised its outlook on Credit Suisse Group (CSG) and related entities to negative from stable on July 17, 2002, following recent falls in international equities markets, which are an important factor in many of the group's businesses. At the same time, the single-'A'-plus long-term and 'A-1' short-term counterparty credit ratings on CSG were affirmed. In addition, Standard&Poor's affirmed its long-term counterparty credit ratings on CSG's related entities, including Credit Suisse, Credit Suisse First Boston (CSFB), and Winterthur Swiss Insurance Co. (Winterthur) at double-'A'-minus, and its short-term counterparty credit ratings on Credit Suisse and CSFB at 'A-1'-plus. Markets have become noticeably more turbulent since the ratings on CSG and related entities were lowered on May 10,
