S&P upgrades Credit Suisse

S&P said it raised the long-term issuer credit ratings on Credit Suisse AG and the group's other core operating subsidiaries to A+ from A, while affirming its A-1 short-term issuer credit ratings on these entities

The agency also affirmed the BBB+ long-term issuer credit ratings on Credit Suisse Group.

The outlook is stable.

The upgrade stems from Credit Suisse's continued earnings improvement following completion of a three-year restructuring program, as demonstrated by strong growth in wealth management earnings thanks to sustained inflows of assets under management, S&P said.

The earnings improvement also reflects a lower cost base, lower refinancing cost and a lower earnings drag from non-strategic assets and non-recurring charges, the agency said.

S&P said it believes these improvements are sustainable and expect growth of the group's more stable wealth management activities will outpace that of its investment banking and trading-related activities.

© 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.