Fitch affirms Credit Suisse

Fitch Ratings said it affirmed Credit Suisse and Group Credit Suisse's long-term issuer default rating at AA- with a stable outlook, short-term issuer default rating at F1+ and individual rating at B.

Credit Suisse Group has a support rating at 5 and support no floor. Credit Suisse has a support rating at 1 and support floor rating at A-.

Ratings were affirmed, Fitch said, after the company said it concluded an internal investigation into pricing errors in the collateralized debt obligation trading business. Following the review, the group booked additional writedowns of CHF 1.18 billion in the fourth quarter and CHF 1.68 billion in the first six weeks of 2008.

The group also said that, although it remained profitable in the year-to-date February, difficult market conditions in March meant it was unlikely the group would be profitable in the first quarter.

Fitch said that while the incident highlights the group's exposure to operating risk, its internal control functions detected the errors and has since strengthened controls.

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