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UBS downgraded at Moody’s

LONDON (MarketWatch) — Rating agency Moody’s Investors Service on Friday downgraded its rating on UBS’ financial strength to B- from B and also cut its senior debt and deposit ratings on the bank to Aa2 from Aa1. Moody’s said the downgrade “reflects the challenges still facing the bank’s management team to return UBS to a position of stability following the losses in its investment banking division.” The rating agency said it believes UBS core wealth management franchise hasn’t been permanently affected, but the future of its fixed income, currencies and commodities business is less clear. “The bank has initiated many changes to senior management, risk management, and, more recently, corporate governance, but it is not yet clear whether these changes will be effective considering the complexity of the task,” it said. Shares in UBS traded down 1% after the downgrade.
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Original post by Forextvblog

This entry was posted on Friday, July 4th, 2008 at 7:09 am and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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