Leading franchises in domestic banking and global wealth management. Strong and stable risk-adjusted returns from asset-gathering businesses. Better capitalization than most large global banks. A clearly articulated strategy and strong track record of delivery. Statutory earnings record still recovering after several years of weakness due to the economic environment, restructuring, and litigation. Still-significant weight of investment banking activity on the group's balance sheet. Reputational damage sustained from previous risk management and control failures. The stable outlook on UBS Group AG, UBS AG, and other core subsidiaries reflects our view that the group's improved intrinsic creditworthiness is likely to be fully reflected in the 'a' unsupported group credit profile (UGCP) in the coming two years. While we anticipate further improvement in
