Moody's trims Credit Suisse Group

Moody's Investors Service said it downgraded the senior unsecured debt ratings of Credit Suisse Group AG by one notch to Baa2 from Baa1 and of Credit Suisse AG to A2 from A1.

The lower ratings reflect the difficulties the group is having executing on its new strategy, the large losses in the first half hurting the bank’s financial profile and possible delays in technology investments and in the transformation of the business and an expectation of continued weak performance in 2022 among other factors, Moody’s said.

However, the group continues to have solid capitalization, and strong liquidity and funding profiles, the agency noted.

The outlook is negative.

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