DBRS upgrades UBS

DBRS said it upgraded the long-term issuer rating of UBS AG to AA (low) from A (high), along with the long-term issuer rating of UBS Group AG to A (high) from A.

The bank’s R-1 (middle) short-term issuer rating and UBS Group’s R-1 (low) short-term issuer rating were both confirmed.

The trend is stable.

The bank’s intrinsic assessment was raised to AA (low) from A (high) and the support assessment remains at SA1.

The group’s support assessment is SA3.

The upgrades recognize the group’s strong franchise position and scale as a global wealth manager, which has driven improved profitability in recent periods, as well as the continuing robust capitalization, DBRS said.

Management has executed a consistent strategy since 2011, while resolving most of the legacy risk issues that arose during the financial crisis, the agency said.

The company has sound risk management practices and maintains a conservative risk culture, but litigation remains a key risk, DBRS said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.