Moody's downgrades UBS

Moody's Investors Service said it downgraded UBS AG's senior debt to Aa3 from Aa2 and senior subordinated debt to A1 from Aa3. The bank's Prime-1 short-term ratings were affirmed.

The agency also lowered the ratings of UBS' non-cumulative trust preferred stock and tier 1 capital securities to Baa3 from A1.

The outlook is negative.

"Given UBS's importance to the Swiss economy and financial system, we continue to see a very high probability that UBS would receive further systemic support if it should be required," David Fanger, Moody's senior vice president, said in a statement.

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