Swiss and Liechtenstein Bank Ratings Affirmed Under Revised FI Criteria

We have reviewed our ratings on Swiss and Liechtenstein European banks under our revised "Financial Institutions Rating Methodology." We have affirmed the ratings on 20 banking groups; the outlooks remain unchanged. FRANKFURT (S&P Global Ratings) Feb. 8, 2022--S&P Global Ratings today said that it has affirmed its issuer and issue credit ratings on the following banks in Switzerland and Liechtenstein and their subsidiaries. The affirmations follow a revision to our criteria for rating banks and nonbank financial institutions and for determining a Banking Industry Country Risk Assessment (BICRA) (see "Financial Institutions Rating Methodology," published Dec. 9, 2021, and "Banking Industry Country Risk Assessment Methodology And Assumptions," published Dec. 9, 2021). The affirmations include: Liechtenstein LGT Bank AG (ICR A+/Stable/A-1, RCR

...- Raiffeisen Schweiz Genossenschaft (ICR A+/Stable/A-1) - Schwyzer Kantonalbank (ICR ##+/Stable/A-1+) - UBS AG (ICR A+/Stable/A-1, RCR ##-/A-1+) - Zuercher Kantonalbank (ICR ###/Stable/A-1+) Our outlooks on the banks remain unchanged. Our assessments of economic risk and industry risk in the respective countries also remain unchanged at: - '2' and '2' for Switzerland - '2' and '3' for Liechtenstein These scores determine the BICRA and the anchor, or starting point, for our ratings on financial institutions that operate primarily in these countries. The trends we see for economic risk and industry risk remain stable for both countries. In addition, the group stand-alone credit profiles (SACP) of the banks, and our assessment of the likelihood of extraordinary external support, remain unchanged under our revised criteria. Consequently, we have affirmed all our ratings on these banks, including our ratings on their subsidiaries....

Ratings Action