On Nov. 26, 2002, Standard&Poor's Ratings Services lowered its long-term counterparty credit rating on Switzerland-based Credit Suisse Group (CSG) to 'A' from 'A+'. At the same time, the 'A-1' short-term counterparty credit rating on CSG was affirmed. In addition, the long- and short-term counterparty credit ratings on the financial services group's primary bank operating entities--including Credit Suisse, Credit Suisse First Boston (CSFB), and Credit Suisse First Boston (USA) Inc.--were lowered to 'A+' from 'AA-', and to 'A-1' from 'A-1+', respectively. The outlook on CSG and its bank operating entities is stable. In a related action, Standard&Poor's lowered its insurer financial strength and counterparty credit ratings on Winterthur Swiss Insurance Co. (Winterthur) to 'A' from 'AA-'. The
