Trending: UBS Gets Rating Downgrade After Credit Suisse Acquisition
21 Mars 2023 - 11:49AM
Dow Jones News
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)
Copyright (c) 2023 Dow Jones & Company, Inc.
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