Leading franchises in domestic banking and global wealth management. Strong and stable strategy focusing on risk-adjusted returns from asset-gathering businesses. Capitalization that is stronger than that of most large global banks. Statutory earnings still affected by the economic environment, restructuring, and uncertain litigation charges. Still-significant weight of investment banking activity, which creates earnings volatility. The stable outlook on Switzerland-based UBS Group AG, UBS AG, and core subsidiaries reflects S&P Global Ratings' view that the 'a' unsupported group credit profile (UGCP) is an adequate assessment of the group's overall creditworthiness over the coming two years. Although we anticipate further improvement in the group's capital metrics, we are cautious given the uncertainty of unsettled litigation cases, which we expect will reduce in
