S&P cuts Credit Suisse hybrids

S&P said it lowered to D from C its issue ratings on the additional tier 1 hybrid capital instruments issued by Credit Suisse Group AG and subsequently withdrew the ratings on these instruments.

“The rating actions follow the recently announced acquisition of Credit Suisse Group AG (BBB-/watch pos/--) and its subsidiaries by UBS Group AG (A-/negative/A-2) in a merger that leaves UBS as the surviving entity. As part of the transaction, Swiss regulator FINMA determined that Credit Suisse will write down the AT1 hybrid capital notes to zero. The aggregate nominal amount of these instruments is approximately Swiss franc (CHF) 16 billion,” S&P said in a press release.

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