Fitch rates UBS Europe AA-

Fitch Ratings said it assigned a long-term issuer default rating of AA- to UBS Europe SE, along with a short-term issuer default rating of F1+.

The outlook is stable.

The ratings are equalized with its parent, UBS AG's issuer default ratings of AA- and F1+, reflecting the extremely high likelihood that UBS Europe would be supported by its 100% parent, if needed, Fitch said.

UBS Europe has a core role in the group, high level of integration, reputational considerations and small size relative to the group, the agency said.

The rating considers UBS AG's current expectations that it will merge its London-based subsidiary, UBS Ltd., into UBS Europe, Fitch said.

Following this merger, UBS Europe will be expanded from a European wealth management hub with limited investment banking activities to house most of UBS's European investment banking operations, the agency said.

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