Research Update: Credit Suisse 'AA-/A-1+' Ratings Placed On CreditWatch Negative On Weak Trading Performance Dec 08
Standard & Poors, December 2008
Abstract
On Dec. 4, 2008, Standard & Poor's Ratings Services placed its 'AA-/A-1+' long- and short-term counterparty credit ratings on Swiss bank Credit Suisse on CreditWatch with negative implications. At the same time, the 'A+' long-term counterparty credit rating on Credit Suisse Group was placed on CreditWatch with negative implications. Additionally, the 'A-1' short-term counterparty credit rating on Credit Suisse Group was affirmed. Furthermore, the long- and short-term counterparty credit ratings on related entities were placed on CreditWatch with negative implications. The rating actions result from the group's announcement of a larger-than-expected net loss of Swiss franc (CHF) 3 billion in October and November 2008, driven primarily by extreme market volatility and further pressure on asset values, which had a material...
Companies mentioned in this report are:
- Credit Suisse AG
- Credit Suisse Group AG
- Credit Suisse Holdings (USA) Inc.
- Credit Suisse International
- Credit Suisse Holdings (Australia) Ltd.
- Credit Suisse (International) Holding AG
- Credit Suisse Group Finance (Guernsey) Ltd.
- Credit Suisse Group Capital (Guernsey) III Ltd.
- Credit Suisse Group Finance (U.S.) Inc.
- Credit Suisse (USA) Inc.
- Credit Suisse Group Capital (Guernsey) VI Ltd.
- Claudius Ltd.
Action: On CreditWatch:Negative
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.
- Credit Suisse AG
- Credit Suisse Group AG
- Credit Suisse Holdings (USA) Inc.
- Credit Suisse International
- Credit Suisse Holdings (Australia) Ltd.
- Credit Suisse (International) Holding AG
- Credit Suisse Group Finance (Guernsey) Ltd.
- Credit Suisse Group Capital (Guernsey) III Ltd.
- Credit Suisse Group Finance (U.S.) Inc.
- Credit Suisse (USA) Inc.
- Credit Suisse Group Capital (Guernsey) VI Ltd.
- Claudius Ltd.
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