Moody's affirms Credit Suisse

Moody's Investors Service said it affirmed Credit Suisse's senior debt rating at Aa1/P-1 and Credit Suisse Group's senior debt rating at Aa2/P-1.

The outlook was revised to negative from stable.

The action follows Credit Suisse's announcement that it had a net loss of CHF 3 billion in October and November, reflecting a significant pre-tax loss in its investment banking division due to challenging market conditions, according to the agency.

Credit Suisse also it will accelerate plans to further reduce risk positions and volatility in the investment bank business, including an exit from certain proprietary and principal trading activities as well as certain origination activities, the agency said.

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