We see increasing risks for some large Europe-based banks operating in investment banking, as regulators and uncertain market conditions make operating in the industry more difficult. The impact of tightening regulation on capital market activity will lead to declines in these banks' revenues, in our view. We are consequently lowering our long-term ratings on Barclays Bank PLC, Credit Suisse AG, and Deutsche Bank AG to 'A' from 'A+', and affirming our 'A-1' short-term ratings on these banks. We are affirming our 'A/A-1' ratings on UBS AG. The outlooks on these banks are stable. LONDON (Standard&Poor's) July 2, 2013--Standard&Poor's Ratings Services today said it lowered its long-term counterparty credit ratings on Barclays Bank PLC, Credit Suisse AG,
