Research Update: Outlook On UBS Holdings Revised To Stable On Decreasing Tail Risks; Ratings Affirmed

As of May 31, 2024, UBS Group AG had completed the legal merger between UBS AG and Credit Suisse AG, a key milestone in its integration and restructuring of Credit Suisse. UBS Group AG's first-quarter results for 2024, published in May, indicated that group's franchise had stabilized and profitability had improved. We consider that the tail risks from the group's integration and restructuring have eased. Therefore, we revised to stable from negative our outlooks on UBS Group AG and UBS Americas Holding LLC, the group's nonoperating holding companies. At the same time, we affirmed our 'A-/A-2' issuer credit ratings on these entities. At the same time, we affirmed our 'A+/A-1' long- and short-term issuer credit ratings on all UBS's existing

...- As of May 31, 2024, UBS Group AG had completed the legal merger between UBS AG and Credit Suisse AG, a key milestone in its integration and restructuring of Credit Suisse. UBS Group AG's first-quarter results for 2024, published in May, indicated that group's franchise had stabilized and profitability had improved. - We consider that the tail risks from the group's integration and restructuring have eased. - Therefore, we revised to stable from negative our outlooks on UBS Group AG and UBS Americas Holding LLC, the group's nonoperating holding companies. At the same time, we affirmed our 'A-/A-2' issuer credit ratings on these entities. - At the same time, we 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 on these ratings remain stable....

Research Update