Fitch lowers Credit Suisse

Fitch Ratings said it downgraded Credit Suisse Group AG's long-term issuer default rating to A- from A and affirmed Credit Suisse AG's long-term issuer default at A.

The viability ratings of both companies also were downgraded A- from A.

The outlook on Credit Suisse Group was revised to stable from positive.

Credit Suisse’s outlook remains stable.

The downgrade reflects vulnerabilities in the business model to challenging capital markets as demonstrated by losses recorded for the two quarters since the group was recapitalized, Fitch said.

The group's business will remain weighted toward capital markets and is more vulnerable to developments in these markets, the agency said.

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