S&P: Credit Suisse unaffected

Standard & Poor's said ratings and outlooks on Credit Suisse (AA-/negative/A-1+), Credit Suisse Group (A+/negative/A-1) and related entities are unchanged following the group's second-quarter results.

Credit Suisse reported group net income of CHF 1.2 billion in the three months to June and said all divisions were profitable, following a substantial loss of CHF 2.1 billion in the first quarter, according to the agency.

S&P said it views results as reasonably sound given the difficult market and noted the progress in reducing exposures to certain risky assets.

The outlook remains negative. Ratings assume that the group remains profitable for the rest of the year but that the investment banking industry remains under heavy pressure.

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