Fitch downgrades UBS

Fitch Ratings said it downgraded UBS AG's individual rating to C from B/C and placed it on Rating Watch negative and revised its support floor rating to A+ from A-. The bank's long- and short-term issuer default ratings were affirmed at A+ and F1+, respectively.

The outlook is stable.

The actions reflect concerns over the medium-term earnings outlook for the bank amid persistently challenging market conditions and uncertainty over the stability of UBS's strong and important private banking and wealth management franchise, according to the agency.

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