You are here

Fitch downgrades Credit Suisse on challenging capital markets

Wednesday, May 25, 2016 - 09:17

Credit25.jpg
Fitch Ratings downgraded Credit Suisse Group's long-term default rating by a notch to A-minus and its viability rating to A-minus from A, citing the Swiss bank's reliance on difficult capital markets.

[HONG KONG] Fitch Ratings downgraded Credit Suisse Group's long-term default rating by a notch to A-minus and its viability rating to A-minus from A, citing the Swiss bank's reliance on difficult capital markets.

The agency also blamed the economic slowdown in the Asia-Pacific region which would put pressure on the lender's new business model.

"We expect execution of strategic restructuring to remain more challenged by prevailing unfavourable fixed income and equities capital markets than was the case when it was announced in October last year, particularly in Europe and Asia," it said.

Earlier this month Switzerland's second-biggest bank posted a second straight quarterly loss, in its worst start to a year since the financial crisis.

REUTERS

sentifi.com

Market voices on:

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom