Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

MOODY'S CONFIRMS Aa1/B+/Prime-1 RATINGS OF UBS AG FOLLOWING ANNOUNCEMENT OF ACQUISITION OF PAINE WEBBER GROUP INC.; MAINTAINS NEGATIVE RATING OULOOK FOR Aa1 LONG-TERM RATING OF UBS; PLACES Prime-2 SHORT-TERM DEBT RATING OF PAINE WEBBER GROUP INC. UNDER RE

12 Jul 2000
MOODY'S CONFIRMS Aa1/B+/Prime-1 RATINGS OF UBS AG FOLLOWING ANNOUNCEMENT OF ACQUISITION OF PAINE WEBBER GROUP INC.; MAINTAINS NEGATIVE RATING OULOOK FOR Aa1 LONG-TERM RATING OF UBS; PLACES Prime-2 SHORT-TERM DEBT RATING OF PAINE WEBBER GROUP INC. UNDER RE

Approximately US$13 Billion of Debt Securities are Affected.

London, 12 July 2000 -- Moody's Investors Service confirmed the Aa1/B+/Prime-1 ratings of UBS AG following the announcement that the Swiss banking group will be acquiring the US broker dealer Paine Webber Group Inc. The agency maintains a negative rating outlook on UBS's Aa1 long-term rating. In a related action, Moody's placed under review for possible upgrade the Prime-2 short-term debt rating of Paine Webber. The broker's Baa1 long-term debt rating remains under consideration for possible upgrade, in a review which was initiated on 7 June 2000.

Moody's commented that this planned acquisition strongly bolsters UBS's operations in the US high net-worth retail market and enhances further the Swiss group's worldwide positioning in private banking and asset management. Gaining access to Paine Webber's retail brokerage network strengthens UBS's distribution capacity in the global financial markets. Moody's also views positively the fact that Paine Webber's risk profile is relatively low compared to peers, reflecting a conservative attitude to risk-taking.

In maintaining the negative rating outlook on UBS's Aa1 long-term rating, the rating agency drew attention to the fact that this acquisition does not affect the two main rating issues outstanding for UBS. The rating outlook remains negative based on the delay in extracting the cost benefits expected from the merger with Swiss Bank Corporation as well as the more modest performance of the group's global private banking and asset management businesses compared to relevant peers.

Moody's considers that UBS continues to post weaker operating efficiency levels - a situation which the addition of Paine Webber's fairly high expense base does not alleviate. In addition, UBS continues to face challenges inherent to the rapidly evolving dynamics of the European private banking industry, notably a marginal positioning in the growing segment of onshore savings in Europe.

Nevertheless, the rating agency noted again that UBS remains one of the financially strongest banking groups in the world whose high credit worthiness remains underpinned by strong and sustainable franchises in all of its core businesses and also by sound financial fundamentals - notably a strong economic capitalization. In this respect, the terms of the proposed acquisition - while entailing a very large goodwill and therefore a meaningful dilution of UBS's regulatory Tier 1 capital ratio - do not significantly affect UBS's overall financial profile.

As regards placing Paine Webber's Prime-2 short-term debt rating under review for possible upgrade, Moody's noted that Paine Webber's creditworthiness will be enhanced by the substantial capital base and earnings power of UBS. The brokerage firm's Baa1 long-term debt rating remain under consideration for possible for upgrade, in a review which was initiated on 7 June 2000.

The following ratings were confirmed:

· UBS AG - Aa1/Prime-1 bank deposit ratings, Aa1 senior unsecured debt rating, Aa2 subordinated debt rating, Prime-1 short-term debt rating, Aa1 issuer rating and B+ financial strength rating;

· UBS AG, London branch - Aa1 backed senior unsecured debt rating and Aa2 backed subordinated debt rating;

· UBS AG, New York branch - Aa1 backed deposit rating and Aa2 backed subordinated debt rating;

· UBS AG, Jersey branch - Aa1 backed senior unsecured debt rating and Aa2 backed subordinated debt rating;

· UBS AG, Stamford branch - Aa1 backed deposit rating and Aa2 backed subordinated debt rating;

· UBS Private Banking Ltd. (previously UBS Trust & Banking Limited) - Aa2/Prime-1 bank deposit ratings, Aa2 issuer rating and C financial strength rating;

· UBS Finance (Cayman Islands) Ltd. - Aa1 backed senior unsecured debt rating, Aa2 backed subordinated debt rating and Prime-1 backed short-term debt rating;

· UBS Australia Limited - Aa1 backed senior unsecured debt rating, Prime-1 backed commercial paper rating and Prime-1 backed short-term debt rating;

· UBS (Sydney) Ltd. - Aa1 backed senior unsecured debt rating, Aa2 backed subordinated debt rating, Prime-1 backed commercial paper rating and Prime-1 backed short-term debt rating;

· UBS Finance (Delaware), LLC - Aa1 backed senior unsecured debt rating and Prime-1 backed commercial paper rating;

· UBS Finance NV - Aa1 backed senior unsecured debt rating and Prime-1 backed short-term debt rating; and

· UBS Inc. - "aa1" preferred stock rating.

The following rating was placed under review for possible upgrade:

· Paine Webber Group Inc. - Prime-2 commercial paper rating.

The following ratings were kept under review for possible upgrade:

· Paine Webber Group Inc. - Baa1 senior unsecured debt rating, Baa2 senior subordinated debt rating, Baa3 junior subordinated debt rating and Baa1 issuer rating; and

· Various PWG Capital Trusts, I through V - "baa2" preferred stock rating.

UBS AG is a global bank with headquarters in Zurich and in Basel, Switzerland. The bank had total assets of CHF982 billion (€612 billion; US$614 billion) at end-1999. Paine Webber Group Inc. is a leading U.S. brokerage firm, with US$452 billion of client assets managed by over 7,600 financial advisors.

London
Alexandra A. Sleator
Vice President - Sr Credit Offic
Financial Institutions Group
Moody's Investors Service Ltd.

New York
Peter E. Nerby
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service

44 20 7772 5454

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​
Moodys.com