The ratings on Credit Suisse Group (CSG) reflect the combination of strong franchises in core group activities including private banking, investment banking, asset management, and Swiss domestic banking; strong profitability; good capitalization; and sound asset quality. The ratings also reflect Standard&Poor's Ratings Services' expectation of tougher capital markets in the coming quarters (for more information, please see "Outlooks Revised On Various European Banks Due To Continued Capital Market Weakness," published earlier today on RatingsDirect). Although CSG has shown relatively resilient performance thus far, Standard&Poor's Ratings Services considers that pressures may intensify in the short and medium term due to its revenue exposure to the leveraged finance, CMBS, and broader fixed-income markets, as well as a less
