On June 14, 2006, Standard&Poor's Ratings Services raised its long-term counterparty credit rating on Credit Suisse Group (CSG) to 'A+' from 'A'. At the same time, the short-term 'A-1' counterparty credit rating on CSG was affirmed. The outlook is stable. In addition, Standard&Poor's raised its long- and short-term counterparty credit ratings on CSG's core operating subsidiaries Credit Suisse; Credit Suisse (USA) Inc.; Credit Suisse International; Credit Suisse Holdings (USA) Inc.; and Credit Suisse International (Holding) AG to 'AA-/A-1+' from 'A+/A-1'. The outlook on the core operating subsidiaries is stable. The upgrades follow the announcement today that CSG has agreed to a sale of Winterthur Swiss Insurance Co. (A-/Watch Pos/--), its insurance subsidiary, to AXA (A/Stable/A-1). This
