High levels of capital to absorb losses as a going concern and in a resolution scenario. Stable and low-risk earnings from global wealth management and Swiss retail, private, and corporate banking. Demonstrated sound asset quality and a highly collateralized lending book. Profitability still burdened by ongoing restructuring and run-off of illiquid non-strategic activities. Limited track record of sustainable earnings improvement post-restructuring. Complexity and elevated market and operational risk from the high share of capital markets-related businesses and non-strategic assets. The positive outlook reflects the likelihood that the group will achieve sustainably stronger levels of profitability from 2019 while containing risk, maintaining strong capitalization, and further rebalancing its business mix toward wealth management activities. We could raise the ratings on Credit
