S&P Global Ratings has downgraded Credit Suisse Group's long-term credit rating to one step above junk bond status, citing 'material execution risks' in the Swiss bank's efforts to get back on solid ground after a series of scandals and losses.
A man enters the Credit Suisse offices in the Manhattan borough of New York City, U.S. July 5, 2016. REUTERS/Brendan McDermidlong-term credit rating to one step above junk bond status, citing "material execution risks" in the Swiss bank's efforts to get back on solid ground after a series of scandals and losses.
"However, we see significant execution risks given the complexity of the multi-year programme and the difficult economic and market environment, which could adversely affect the speed and costs of the run-down of non-core assets," it added. S&P cut its rating one notch to BBB- and reduced its view on main operating unit Credit Suisse AG and other core subsidiaries to A-/A-2 from A/A-1. S&P has a stable outlook on the ratings.
It downgraded Credit Suisse AG's senior unsecured debt from A2 to A3 on Tuesday while retaining Credit Suisse Group's senior unsecured debt rating of Baa2.
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