Credit Suisse: S&P revises outlook to negative - share falls
(CercleFinance.com) - On Tuesday evening S&P Global Ratings maintained Credit Suisse's long-term rating at "A+", although revised its outlook from "stable" to "negative".
The rating agency said the losses incurred by the Swiss private bank due to its exposure to a single client could call into question the quality of its risk management.
Due to its investment banking and asset management activities, Credit Suisse's risk profile remains complex and is linked to both financial and non-financial issues, the agency noted.
However, S&P said it expects the financial consequences of the Archegos case, the US hedge fund that caused its difficulties, to remain "limited" for Credit Suisse.
Credit Suisse shares are down around 2% in Zurich on Wednesday, bringing their year-to-date fall to over 10%.
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The rating agency said the losses incurred by the Swiss private bank due to its exposure to a single client could call into question the quality of its risk management.
Due to its investment banking and asset management activities, Credit Suisse's risk profile remains complex and is linked to both financial and non-financial issues, the agency noted.
However, S&P said it expects the financial consequences of the Archegos case, the US hedge fund that caused its difficulties, to remain "limited" for Credit Suisse.
Credit Suisse shares are down around 2% in Zurich on Wednesday, bringing their year-to-date fall to over 10%.
Copyright (c) 2021 CercleFinance.com. All rights reserved.