Research Update: UBS AG L-T Rating Lowered To 'AA' On Q3 Loss; 'A-1+' S-T Rating Affirmed; Outlook Stable Oct 07

Standard & Poors, October 2007

Abstract
On Oct. 1, 2007, Standard & Poor's Ratings Services lowered its long-term counterparty credit rating on Switzerland-based banking group UBS AG to 'AA' from 'AA+'. At the same time, the 'A-1+' short-term rating was affirmed. The long-term ratings on core subsidiaries UBS Ltd., UBS Loan Finance LLC, UBS Bank (Canada), and UBS Securities LLC were lowered to 'AA' from 'AA+', and the 'A-1+' short-term ratings on these entities were affirmed. The outlook on UBS AG and its related entities is stable. This rating action follows today's announcement that UBS expects to record a groupwide pretax loss of between Swiss franc (CHF) 600 million and CHF800 million for the third quarter of 2007. The downgrade primarily reflects concerns over the effectiveness...

Companies mentioned in this report are:
- UBS AG
- UBS Securities LLC
- UBS Bank (Canada)
- UBS Ltd.
- UBS Loan Finance LLC

Action: Affirmed
Action: Downgraded

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- UBS AG
- UBS Securities LLC
- UBS Bank (Canada)
- UBS Ltd.
- UBS Loan Finance LLC

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