...November 8, 2023 FRANKFURT (S&P Global Ratings) Nov. 8, 2023--S&P Global Ratings today assigned its '##' long-term issue rating to the proposed perpetual, junior subordinated additional tier 1 (AT1) notes to be issued by UBS Group AG (A-/Negative/A-2), the non-operating holding company (NOHC) of global banking group UBS. We understand the issuance will qualify as Basel III-compliant AT1 notes under Swiss regulations. The issue rating is subject to our review of the notes' final documentation. The proposed AT1 issuance is one of the first from a Swiss bank since March this year, when Switzerland's supervisory authority decided to write off Credit Suisse's AT1, resulting in a temporary disruption of the markets for hybrid issues (see "Swiss Regulator's Statement On Credit Suisse AT1 Confirms Impact Of Documentation And Legislative Powers," published March 23, 2023, on RatingsDirect.) UBS adopts an equity conversion loss absorption mechanism subject to annual general meeting (AGM) approval....
