HONG KONG, May 25 (Reuters) – Fitch ratings said it had lowered a notch long-term rating assigned to the Credit Suisse, making the move from “a” to “A-”, the rating agency referring to the dependence of the Swiss bank to difficult capital markets.
“We believe that the implementation of the strategic restructuring will be made more difficult by the bond markets and more unfavorable capital markets in October, when the (restructuring ) has been reported, particularly in Europe and Asia, “says Fitch.
the agency added that the economic downturn at work in the Asia-Pacific region was going to test the new business plan of Credit Suisse.
the bank said it two weeks ago a second quarterly loss in a row, while saying that the difficult market conditions that plunged his accounts in the red in the first three months of the year are expected to persist at least until the second.
Under the leadership of its new CEO Tidjane Thiam, who took office in July, Credit Suisse conducted last year in a capital increase of six billion francs (5.4 billion) while reducing the wing in the investment bank, a more volatile business, to focus on wealth management, a more stable segment.
in late March, the bank announced a revised upward its program savings by 2018 costs, bringing it to 4, CHF 3 billion, including the key 6,000 job cuts.
Earlier this week, Moody’s Investors Service said on Monday lowering the rating of the senior unsecured debt of Deutsche Bank, returning from Baa1 to Baa2, and assign a stable outlook. (Umesh Desai, Benoit Van Overstraeten for the French service)
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