Fitch revises UBS view to positive

Fitch Ratings said it revised UBS Group AG's and UBS AG's outlook to positive from stable and affirmed their long-term issuer default ratings at A.

The viability ratings were affirmed at a, and the short-term issuer default ratings at F1.

The outlook on UBS AG's operating subsidiaries UBS Switzerland AG and UBS Ltd. were also revised to positive from stable. Their long-term issuer default ratings were affirmed at A.

Fitch said the outlook revision reflect its view that further progress in executing the group's strategy should result in a stronger company profile, which could result in an upgrade of the long-term issuer default ratings. Its business model, which concentrates on UBS' strong franchise in global wealth management, should allow the bank to generate robust and stable profitability in a normalized operating environment and once legacy litigation costs are behind it, while maintaining a strong capitalization.

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