Announcements

    Drinks

      MONDAY, 14/05/2018 - Scope Ratings GmbH
      Download PDF

      Scope takes note of issuer substitution for UBS’ AT1 securities; BBB ratings unchanged

      Scope Ratings says the planned substitution of UBS Group AG by UBS Group Funding (Switzerland) AG as issuer of the outstanding AT1 securities would have no impact on the creditworthiness of the BBB-rated securities; UBS Group AG remains the guarantor.

      UBS has announced its intention to substitute UBS Group AG as issuer of outstanding loss-absorbing AT1 capital instruments with UBS Group Funding (Switzerland) AG, a wholly-owned direct subsidiary of UBS Group AG. The planned issuer substitution is expected to be effective as of the 25th of May 2018. There are no changes in the terms and conditions of the rated instruments.

      Scope added that, upon completion of the issuer substitution, the AT1 securities will be guaranteed by UBS Group AG and investors’ seniority of claim against UBS Group AG will be unaffected. As a consequence, the agency noted that its ratings (BBB/Stable) on the AT1 securities will remain unchanged.

      Related news

      Show all
      Italian Bank Quarterly: banks well positioned to weather economic headwinds

      20/5/2025 Research

      Italian Bank Quarterly: banks well positioned to weather ...

      European bank operating environments 2025: resilient picture despite macro and trade uncertainties

      19/5/2025 Research

      European bank operating environments 2025: resilient picture ...

      Updated rating report on Deutsche Bank

      16/5/2025 Monitoring note

      Updated rating report on Deutsche Bank

      Scope assigns first-time issuer rating of BBB/Stable to Alpha Bank

      15/5/2025 Rating announcement

      Scope assigns first-time issuer rating of BBB/Stable to Alpha ...

      Scope withdraws ratings on JSC Pasha Bank Georgia

      12/5/2025 Rating announcement

      Scope withdraws ratings on JSC Pasha Bank Georgia

      Webinar: where is the global economy headed amid global tariff uncertainty?

      7/5/2025 Research

      Webinar: where is the global economy headed amid global ...