Fitch upgrades UBS AG, UBS Switzerland

Fitch Ratings said it upgraded UBS AG's and UBS Switzerland AG's long-term issuer default ratings to A+ from A and affirmed their viability ratings at a and short-term issuer default ratings at F1.

The outlooks are stable.

At the same time, the agency affirmed UBS Group AG's long-term issuer default rating at A, its viability rating at a and short-term issuer default rating at F1. The outlook is positive.

UBS Ltd.’s long-term issuer default rating was also upgraded to A+ from A.

The upgrade of UBS AG's and UBS Switzerland AG's long-term issuer default ratings to one notch above their viability ratings reflects Fitch’s view that the group's buffer of qualifying junior debt, combined with senior debt issued by the holding company, is now sufficient to protect their senior obligations from default in case of failure, either under a resolution process or as part of a private sector solution (such as a distressed debt exchange) to avoid a resolution action, the agency said.

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