We believe that Switzerland-based UBS Group AG's wealth-management-focused business model, cohesive group strategy, and successful deleveraging have improved the underlying creditworthiness of the group and its core subsidiaries. We are therefore raising our long-term rating on UBS Group AG to 'A-' from 'BBB+' and our long-term ratings on UBS AG and other core operating subsidiaries to 'A+' from 'A'. The stable outlooks on UBS Group AG and its core subsidiaries reflect our view that, even with possibly higher group capitalization, they could only merit a higher rating once legacy litigation subsides, and the bank is comfortably hitting its financial targets. On June 6, 2016, S&P Global Ratings upgraded Switzerland-based UBS Group AG and its core operating subsidiaries. For the core
