S&P puts Credit Suisse on watch

Standard & Poor's said it placed on CreditWatch with negative implications the AA-/A-1+ long- and short-term counterparty credit ratings on Credit Suisse and A+ long-term counterparty credit rating on Credit Suisse Group.

The A-1 short-term counterparty credit rating on Credit Suisse Group was affirmed.

"The rating actions result from the group's announcement of a larger-than-expected net loss of CHF 3 billion in October and November 2008, driven primarily by extreme market volatility and further pressure on asset values, which had a material impact on the investment bank," S&P analyst Bernd Ackermann said in a statement.

"Apart from these broader industry issues, we will consider Credit Suisse's exposure to further market volatility after recent risk reductions, the earnings outlook for the group in the light of the measures announced today, and its ability to maintain strong capitalization and liquidity," Ackermann added.

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