Fitch rates UBS notes BBB-

Fitch Ratings said it assigned UBS AG's dollar tier 2 subordinated notes an expected rating of BBB-.

UBS's ratings are unaffected by the action, Fitch said. UBS has a long-term issuer default rating of A with a stable outlook, short-term issuer default rating of F1 support rating of 1 and support floor of A.

The notes will be issued through UBS's Stamford branch and will qualify as low-trigger progressive capital component under Switzerland's revised capital requirement framework for the country's largest banks, according to the agency.

The notes are rated in line with the $2 billion tier 2 subordinated notes issued by UBS Jersey branch in February.

UBS is issuing the tier 2 subordinated notes in preparation for higher capital requirements under Switzerland's "too big to fail" legislation, the agency said.

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