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; sound underlying returns; very good liquidity; and strong capitalization. They also reflect the significant proportion of more volatile revenues (derived from capital markets activities); large current exposures to potentially risky assets, for example, leveraged loans and commercial mortgage-backed securities; and risk management weaknesses, which gave rise to some recent losses. Standard&Poor's Ratings Services considers that management initiatives to improve group integration and greater strategic stability have led to an increased robustness. However, this robustness is now being thoroughly tested by market conditions. CSG is one of the world's largest financial
