Fitch affirms UBS

Fitch Ratings said it affirmed UBS Group AG's long-term issuer default rating at A+ and UBS AG's and UBS Switzerland AG's long-term issuer default ratings at AA-.

All three banks' viability ratings were affirmed at a+.

The outlooks are stable.

“UBS AG and its subsidiary UBS Switzerland AG have common VRs, reflecting the parent/subsidiary structure and because we believe that the credit profiles of these two main operating entities will remain closely connected,” the agency said in a news release.

“UBS Switzerland AG's large size, with just under CHF 300 billion total assets under Swiss GAAP, in relation to UBS AG's consolidated assets also drives the common VR,” Fitch said in a news release.

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