Corporate Press Release

Press Release

Credit Suisse AG maintains its Industry Leadership Position as One of the Best-Rated Global banks by Moody's

Credit Suisse remains one of the best rated banks by Moody's Investors Service in its peer group - only two banks are rated higher - and the rating change announced by Moody's today will have no material impact on the bank's liquidity and funding planning.

Moody’s Investors Service today announced the completion of its review of 17 banks with global capital markets operations, including Credit Suisse. As part of this industry-wide review, Credit Suisse AG’s deposit and senior debt ratings were downgraded to A1 from Aa1. The outlook on all the ratings is stable. The A1 rating confirms Credit Suisse AG’s leading position among its peers. Credit Suisse AG is the main operating and primary issuing entity of Credit Suisse Group AG.

Credit Suisse AG’s rating which has been unchanged by Moody’s since 2007 was downgraded due to the Bank’s commitment and exposure to capital markets activities.

The reasons for Moody’s to rate Credit Suisse higher than most of its global capital markets peers are the following: (i) the stable stream of earnings from the bank’s wealth management and Swiss banking businesses; (ii) a highly pro-active approach to risk management; (iii) a sound structural liquidity profile and strong liquidity risk management; (iv) an improving capital position that is expected to result in lower leverage and capital ratios above the average for the bank’s peers; and (v) resilience to the weak operating environment in Europe, given low exposures to peripheral Europe and Switzerland’s perceived safe-haven status.

David Mathers, CFO of Credit Suisse Group, said: “We are pleased that Moody’s continues to recognize Credit Suisse as one of the most highly rated banks in its peer group, citing our balanced business portfolio, strong liquidity position, improving capital position as well as our low exposure to the peripheral European economies.”

New Moody’s ratings for Credit Suisse AG
- Deposit and senior debt ratings: A1 (previously Aa1)
- Provisional short-term rating: (P) Prime-1 (unchanged)
- Outlook: Stable (previously negative)

Credit Suisse AG is the main operating and primary issuing entity of Credit Suisse Group AG.