Ratings On 14 Swiss Banks Affirmed In View Of ... - Vontobel

Ratings On 14 Swiss Banks Affirmed In View Of Unchanged Economic Risktheir lower reliance on domestic real estate exposures and the combination ofsector trends and factors specific to individual banks.The stable outlook on UBS takes into account UBS' announced plans tocomprehensively reshape the investment banking division's operating model andreduce risk exposures, but reflects our view that, while these measures maysupport the ratings over the medium term, we see no immediate ratingimplications.The negative outlook on Credit Suisse reflects the uncertainty of the bank'sbusiness position given international pressures on cross-border taxcollection. In addition, persistent macroeconomic deterioration and regulatorypressures are suppressing revenues and activity in the capital markets andremain a threat to the bank's business model.The negative outlook on Vontobel still reflects our belief that the bank willlikely actively participate in market consolidation, weakening its currentlystrong capital position. We also anticipate continuous pressure, owing tolikely subdued market activities.The stable outlook on Banque Cantonal de Genève (BCGE) reflects our view thatBCGE will maintain an adequate risk profile and strong capitalization,supported by a contained increase in customer loans, and that profitabilitywill improve over the next 18-24 months, but remain subdued because of lowinterest rates. The outlook also reflects our view that BCGE it will continueto benefit from implicit support from the Republic and Canton of Geneva(AA-/Stable/--).Our ratings on the Safra group are on CreditWatch with positive implicationsbecause we believe the group's acquisition of Bank Sarasin will allow it tobenefit from its larger size and scale, wider geographic coverage, andincreased competitiveness in tax-compliant assets.RELATED CRITERIA AND RESEARCH• Banks: Rating Methodology And Assumptions, Nov. 9, 2011• Group Rating Methodology And Assumptions, Nov. 9, 2011• Banking Industry Country Risk Assessment Methodology And Assumptions,Nov. 9, 2011• Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011• Rating Government-Related Entities: Methodology And Assumptions, Dec. 9,2010• Bank Capital Methodology And Assumptions, Dec. 6, 2010• Use Of CreditWatch And Outlooks, Sept. 14, 2009BICRA SCORE SNAPSHOT*SwitzerlandToFromBICRA Group 1 1WWW.STANDARDANDPOORS.COM/RATINGSDIRECT NOVEMBER 29, 2012 31042489 | 300025082

Ratings On 14 Swiss Banks Affirmed In View Of Unchanged Economic RiskEconomic risk 1 1Economic resilience Very low Very lowEconomic imbalances Very low Very lowCredit risk in the economy Low LowIndustry risk 2 2Institutional framework Low LowCompetitive dynamics Low LowSystemwide funding Very low Very low*Banking Industry Country Risk Assessment (BICRA) economic risk and industryrisk scores are on a scale from 1 (lowest risk) to 10 (highest risk). For moredetails on our BICRA scores on banking industries across the globe, please see"Banking Industry Country Risk Assessment Update," published monthly onRatingsDirect.RATINGS LISTRatings AffirmedAargauische KantonalbankBasellandschaftliche KantonalbankSchwyzer KantonalbankZuercher KantonalbankCounterparty Credit RatingsBanque Cantonale VaudoiseCounterparty Credit RatingsBasler KantonalbankGraubuendner KantonalbankLuzerner KantonalbankCounterparty Credit RatingsMigros BankCounterparty Credit RatingsUBS AGCounterparty Credit RatingCredit Suisse AGCounterparty Credit RatingVontobel Holding AGCounterparty Credit RatingBank Vontobel AGCounterparty Credit RatingAAA/Negative/A-1+AA/Negative/A-1+AA+/Negative/A-1+A/Negative/A-1A/Stable/A-1A+/Negative/A-1A/Negative/A-1A+/Negative/A-1J. Safra Holding AGWWW.STANDARDANDPOORS.COM/RATINGSDIRECT NOVEMBER 29, 2012 41042489 | 300025082

Ratings On 14 Swiss Banks Affirmed In View Of Unchanged Economic RiskCounterparty Credit RatingBanque Safra - LuxembourgCounterparty Credit RatingBanque Cantonale de GeneveCounterparty Credit RatingBBB+/Watch Pos/A-2A-/Watch Pos/A-2A+/Stable/A-1NB: This list does not include all the ratings affected.Complete ratings information is available to subscribers of RatingsDirect onthe Global Credit Portal at www.globalcreditportal.com. All ratings affectedby this rating action can be found on Standard & Poor's public Web site atwww.standardandpoors.com. Use the Ratings search box located in the leftcolumn.Additional Contact:Financial Institutions Ratings Europe; FIG_Europe@standardandpoors.comWWW.STANDARDANDPOORS.COM/RATINGSDIRECT NOVEMBER 29, 2012 51042489 | 300025082

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