1018 GMT - UBS is among the most mentioned companies across news items over the past 12 hours, according to Factiva data, after rating agencies downgraded the bank following its acquisition of troubled rival Credit Suisse. Moody's revised the outlook on UBS's long-term deposit ratings and senior unsecured ratings to negative from stable, and S&P Global Ratings also cut its outlook to negative. The Moody's rating change was motivated by concern that Credit Suisse's weaker credit profile and the cost of an integration following the takeover would make it more difficult for UBS to hit financial targets, while S&P Global Ratings cited similar reasons for its downgrade. UBS shares rose in early trading on Tuesday following a steep fall after the acquisition was first outlined. Dow Jones & Co. owns Factiva. (cecilia.butini@wsj.com)

 

(END) Dow Jones Newswires

March 21, 2023 06:34 ET (10:34 GMT)

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