UBS AG Dec 10
Standard & Poors, December 2010
Abstract
Strong, diverse franchises in core markets. Material balance sheet de-leveraging and de-risking in recent years. Relatively strong risk-adjusted returns from asset-gathering businesses. Satisfactory core capitalization likely to improve further through retained earnings. Sound funding and liquidity profiles. Profitability is improving but still some way below its potential. Losses and tax investigations in 2007-2009 adversely affected UBS' reputation and market position. Pressures on the Swiss offshore private banking business model. The ratings on Swiss bank UBS AG incorporate Standard & Poor's Ratings Services' view of both its stand-alone credit profile and extraordinary external support. Specifically, the long-term counterparty credit rating incorporates a one-notch uplift from the stand-alone credit profile, reflecting our view of UBS' high systemic importance in Switzerland. In our...
Companies mentioned in this report are:
- UBS AG
- UBS AG (NY Branch)
- UBS AG (Jersey Branch)
- UBS Securities LLC
- UBS Bank (Canada)
- UBS Preferred Funding Trust II
- UBS Ltd.
- UBS Preferred Funding Trust IV
- UBS Loan Finance LLC
- UBS Preferred Funding Trust V
- UBS Bank USA
Action: Review
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: Full Analysis
- UBS AG
- UBS AG (NY Branch)
- UBS AG (Jersey Branch)
- UBS Securities LLC
- UBS Bank (Canada)
- UBS Preferred Funding Trust II
- UBS Ltd.
- UBS Preferred Funding Trust IV
- UBS Loan Finance LLC
- UBS Preferred Funding Trust V
- UBS Bank USA
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