Leading franchises in global wealth management and Swiss retail and commercial banking. Consistent strategy focused on above-average returns from capital-efficient, asset-gathering businesses. Strong core capitalization. Although UBS performed strongly in in the first quarter (Q1) of 2020, we expect the COVID-19 pandemic will constrain revenue and maintain credit losses above the bank's historical average over at least the remainder of 2020. Material exposure to nonfinancial risks, including unresolved litigation. The stable outlook reflects our view that UBS is well placed to withstand the effects of the COVID-19 pandemic. We expect UBS will face stronger revenue headwinds over the remainder of the year, and credit losses are likely to remain above the bank's historical average. Nevertheless, we expect UBS will remain
