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BULLETIN: UBS AG Ratings Unaffected By Acquisition Of Piper Jaffray's Private Client Network Apr 06
Standard & Poors, April 2006
Abstract
LONDON (Standard & Poor's) April 11, 2006--Standard & Poor's Ratings Services said today that its ratings on UBS AG (AA+/Stable/A-1+) are not affected by the bank's announced agreement to acquire the private client branch network of the Piper Jaffray Companies (not rated). The transaction will strengthen UBS' presence in the U.S. Midwest and the North West, where it is currently relatively under-represented, and further leverage its wealth-management platform. The assets to be acquired include Piper Jaffray's 842 financial advisers, 90 branches, and $52 billion of invested assets, but exclude its back office and infrastructure. The deal has no material impact on UBS' solid capital position, partly because the $500 million cash purchase price is comfortably absorbed by the retained proceeds...
Companies mentioned in this report are: UBS AG
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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