On Feb. 6, 2024, UBS Group AG announced its results for 2023, which indicate material progress in the group's restructuring following the acquisition of Credit Suisse. The results also indicate a stabilization of the franchise and capital buildup to further buffer potential downsides during the run-off of non-core business. We affirmed our 'A-/A-2' issuer credit ratings on UBS Group AG and UBS Americas Holding LLC, the group's nonoperating holding companies. The outlooks remain negative. We also affirmed our 'A+/A-1' long- and short-term issuer credit ratings on all UBS's existing core operating entities, including UBS AG and Credit Suisse AG. The outlooks remain stable. On Feb. 6, 2023, S&P Global Ratings affirmed its 'A-/A-2' long- and short-term issuer credit ratings on
