Moody's affirms Credit Suisse

Moody's Investors Service said it affirmed the senior debt of Credit Suisse at Aa1 after the company said it raised CHF 10 billion in new tier 1 capital and that it expected to report a net loss of CHF 1.3 billion for the third quarter.

The outlook remains stable.

Moody's said this enhances Credit Suisse's capital position, providing it with a sizable buffer against future losses.

The agency noted that roughly half of the capital raise consists of junior subordinated hybrid debt to which Moody's attributes less equity content.

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