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S&P downgrades UBS to AA+

Standard & Poor’s has lowered its long-term counterparty credit rating on UBS from AAA to AA+ in response to the bank’s announcement of a pre-tax loss of between CHF600 million and CHF800 million for the third quarter.

“The downgrade primarily reflects concerns over the effectiveness of the bank’s risk management practices,” says Richard Barnes, a credit analyst based in London.

At the same time, the rating agency affirmed the bank’s A-1+ short-term rating, and the outlook for the group reverts

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