S&P revises Credit Suisse, UBS to stable

Standard & Poor's said it revised the outlook on Credit Suisse AG and UBS AG and the other core operating companies in their groups to stable from negative.

Where relevant, the agency affirmed its A-1 short-term and/or A long-term counterparty credit ratings on these entities.

At the same time, S&P affirmed the BBB+ long-term counterparty credit rating on Credit Suisse Group AG and the BBB+/A-2 long- and short-term counterparty credit ratings on UBS Group AG. The outlooks on both entities remain stable.

The agency also affirmed the issue credit ratings on subordinated and hybrid capital instruments issued by these entities and related entities in the two groups.

S&P said the actions reflect its view that the sizable and growing buffers of additional loss-absorbing capacity at Credit Suisse and UBS are likely to offset any decline in the prospect of extraordinary government support by the end of this year, as the Swiss bank resolution regime is completed.

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