UBS makes record writedown; sells stake to Singapore

UBS has announced it plans to sell a stake in the firm to the Government of Singapore Investment Corporation. The sale was unveiled as the bank made a $10 billion writedown to its US subprime holdings.

The writedowns are primarily on CDO and super-senior holdings (triple-A rated tranches of CDOs with priority in the event of default).

"Conditions in the US mortgage and housing markets have continued to deteriorate, and we have updated our loss assumptions to the levels implied by the current dist

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