S&P revises UBS Group outlook to Negative, affirms ratings

S&P Global Ratings revised the outlooks to negative from stable on UBS Group AG and UBS Americas Holding LLC, the UBS Group’s (UBS) nonoperating holding companies, the agency announced. "We affirmed the ‘A-/A-2’ issuer credit ratings on both entities. We also affirmed our ‘A+/A-1′ long- and short-term issuer credit ratings on all of the group’s core operating entities, such as UBS AG. The outlooks remain stable. In addition, we affirmed our issue ratings and resolution counterparty ratings on all entities. We see material execution risk in UBS’ integration of Credit Suisse (CS)," S&P stated.