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S&P rates UBS Group notes BB
Standard & Poor’s said it assigned a BB long-term issue rating to the proposed high-trigger additional tier 1 perpetual capital notes to be issued by UBS Group AG.
The issue rating reflects an analysis of the proposed instrument and an assessment of UBS Group’s unsupported group credit profile at A-, S&P said.
The rating stands five notches below the unsupported group credit profile due the contractually subordinated notes, discretionary coupon payments and regulatory tier 1 capital status, contain a contractual write-down clause and non-operating holding company, the agency said.
Once the securities have been issued and confirmed as part of the issuer’s tier 1 capital base, S&P said it expects to assign them intermediate equity content.
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