We have taken various rating actions on the operating and nonoperating holding companies (NOHCs) of certain systemically important U.K., German, and Austrian banking groups. We have also taken a rating action on Credit Suisse Group AG, the only rated NOHC of a systemically important Swiss banking group. We have lowered the issuer credit ratings on the U.K. and Swiss NOHCs to reflect our view that the prospect of extraordinary government support to the benefit of their senior creditors is now unlikely. In most cases, the outlook on these NOHCs is now stable. For most of the U.K., German, and Austrian operating companies, we have placed their long-term, and in some cases also their short-term, ratings on CreditWatch with negative implications.
