Research Update: Various Rating Actions Taken On Credit Suisse And UBS Group Entities After Merger Completion

On June 12, 2023, UBS Group AG closed the acquisition of Credit Suisse Group AG and its subsidiaries, with all Credit Suisse's Group AG's assets, liabilities, and contracts merged into UBS Group AG. We raised our long-term issuer credit rating on Credit Suisse Group AG to 'A-' from 'BBB-', removed it from CreditWatch positive after the placement on March 20, 2023, and subsequently withdrew the rating because the legal entity was dissolved following the merger. We assess Credit Suisse's rated European and U.S. operating companies as highly strategic to UBS and therefore upgraded these entities to 'A/A-1' from 'A-/A-2'. We affirmed the 'A-/A-2' issuer credit ratings on UBS Group AG and UBS Americas Holding LLC, UBS group's nonoperating holding companies.

...- On June 12, 2023, UBS Group AG closed the acquisition of Credit Suisse Group AG and its subsidiaries, with all Credit Suisse's Group AG's assets, liabilities, and contracts merged into UBS Group AG. - We raised our long-term issuer credit rating on Credit Suisse Group AG to 'A-' from '###-', removed it from CreditWatch positive after the placement on March 20, 2023, and subsequently withdrew the rating because the legal entity was dissolved following the merger. - We assess Credit Suisse's rated European and U.S. operating companies as highly strategic to UBS and therefore upgraded these entities to 'A/A-1' from 'A-/A-2'. - We affirmed the 'A-/A-2' issuer credit ratings on UBS Group AG and UBS Americas Holding LLC, UBS 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 of UBS's core existing operating entities, including UBS AG. The outlooks remain stable....

Research Update