Fitch affirms Swisscard

Fitch Ratings said it affirmed Swisscard AECS GmbH's long-term issuer default rating at A- with a stable outlook and its short-term issuer default rating at F1.

The agency said the long-term issuer default rating is driven by its standalone credit risk profile but is also underpinned by the likelihood of institutional support from its 50% owner Credit Suisse (Schweiz) AG (A/positive/a).

“SC's standalone credit risk profile reflects its risk-averse business model, with tight control of credit risk, strong profitability, and moderate, albeit slightly increasing leverage,” Fitch said in a news release.

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