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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.

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Rating Action:

MOODY'S LOWERS TO Aa2 FROM Aa1 THE LONG-TERM RATINGS OF UBS AG; RATING OUTLOOK NOW STABLE

31 May 2001
MOODY'S LOWERS TO Aa2 FROM Aa1 THE LONG-TERM RATINGS OF UBS AG; RATING OUTLOOK NOW STABLE

ApproximatelyUS $284.6 Billion of Debt Securities Affected.

London, 31 May 2001 -- Moody's Investors Service lowered to Aa2 from Aa1 the long-term deposit and debt ratings of UBS AG. The banking group's Prime-1 short-term deposit and debt ratings and B+ financial strength rating were confirmed. The rating outlook is now stable. On the one hand, noted Moody's, the rating action takes account of UBS's ongoing challenges in gradually shifting the center of its global private banking activities to onshore client segments, in line with the secular trends in this industry. On the other hand, the new long-term ratings continue to reflect UBS's position as one of the world's stronger and financially soundest banking groups. In this respect, the rating agency pointed to the Swiss group's good profitability, low and balanced risk profile, as well as ample economic capitalization, adding that it expects UBS to preserve these healthy fundamentals.

UBS continues to operate from a position of strength in global private banking. The acquisition last year of PaineWebber, aside from adding a new source of revenues to the group, should enable UBS to grow its private banking franchise in the United States through this new distribution network. At the time of the acquisition, Moody's commented positively on this operation, confirming UBS's ratings. On a broader scale, however, critical for the sustainable success of UBS as a global private banking brand will be its capacity to capture and retain a larger share of onshore private banking markets in Europe.

These markets, increasingly seen as lucrative and with great potential, are targeted, very often with success, by the large domestic banks in each country - e.g. France, Germany, Spain, Italy, and the United Kingdom. In general, noted Moody's, many large international financial institutions, while scaling back capital- and risk-intensive corporate lending activities, focus on the high net-worth client segment both at home and cross-border to secure a source of stable and sustainable fee and commission income.

These new competitive dynamics represent an ongoing challenge for UBS's effort to strengthen its pan-European presence as a dominant participant in the private banking market. In this respect, Moody's pointed to UBS's more difficult start in expanding this franchise - after the merger between the old UBS and SBC - emphasizing nonetheless the more convincing performance at the end of 2000 and so far this year. The group's success in other related activities, such as institutional asset management, is less visible for the time being.

While focusing strategically on a low-risk and profitable private banking franchise, UBS is gradually scaling back other activities. It does retain the largest banking market position in Switzerland - successfully aiming at better profitability, higher efficiency, and lower risk - but on-balance sheet lending is becoming less central to its strategy. Unlike other large European financial groups, UBS is also less committed for the time being to building an integrated retail financial services franchise complementing its private banking base. As an example, UBS is one of the few major European financial groups that are less interested in "bancassurance".

Moody's said that it views positively UBS's focus on a clearly defined risk-averse strategy. That said, this chosen business model "raises the stakes" by making the need for the success of the group's global private banking build-up all the more critical, unlike for more diversified financial groups of similar size and scope. However, for the latter, the credit- and market-risk contents of their activities can be higher.

Commenting on the group's good profitability, Moody's added that its performance continues to be significantly underpinned by inherently more volatile investment banking activities - housed under the UBS Warburg brand. Worth mentioning, however, is UBS's successful restructuring of these revenues toward lesser volatility, among other things through the PaineWebber acquisition. The stabilizing effect of this transaction was therefore noted, in contrast to other cases where similar acquisitions often end up adding more rather than less revenue volatility to the consolidating groups, at least temporarily.

The following ratings were lowered:

· UBS AG - long-term bank deposit and senior unsecured debt ratings to Aa2 from Aa1, subordinated debt rating to Aa3 from Aa2, and issuer rating to Aa2 from Aa1;

· UBS AG, London branch - backed senior unsecured debt rating to Aa2 from Aa1 and backed subordinated debt rating to Aa3 from Aa2;

· UBS AG, New York branch - backed deposit rating to Aa2 from Aa1 and backed subordinated debt rating to Aa3 from Aa2;

· UBS AG, Jersey branch - backed senior unsecured debt rating to Aa2 from Aa1 and backed subordinated debt rating to Aa3 from Aa2;

· UBS AG, Stamford branch - backed deposit rating to Aa2 from Aa1 and backed subordinated debt rating to Aa3 from Aa2;

· UBS Trust & Banking Ltd. - long-term bank deposit rating to Aa3 from Aa2 and issuer rating to Aa3 from Aa2;

· UBS Finance (Cayman Islands) Ltd. - backed senior unsecured debt rating to Aa2 from Aa1 and backed subordinated debt rating to Aa3 from Aa2;

· UBS Australia Limited - backed senior unsecured debt rating to Aa2 from Aa1;

· UBS (Sydney) Ltd. - backed senior unsecured debt rating to Aa2 from Aa1 and backed subordinated debt rating to Aa3 from Aa2;

· UBS Finance (Delaware), LLC - backed senior unsecured debt rating to Aa2 from Aa1;

· UBS Finance (Curaçao) NV - backed senior unsecured debt rating to Aa2 from Aa1;

· UBS Inc. - preferred stock rating to "aa2" from "aa1" (cumulative interest deferral clause);

· UBS Preferred Funding Trust I -- preferred stock rating to "aa3" from "aa2" (non-cumulative interest deferral clause);

· UBS Americas, Inc. (ex-PaineWebber Group, Inc.) - backed senior unsecured debt rating to Aa2 from Aa1, backed senior and junior subordinated debt ratings to Aa3 from Aa2, and backed issuer rating to Aa2 from Aa1; and

· various PWG Capital Trusts, I through V - preferred stock rating to "aa3" from "aa2".

The following ratings were confirmed:

· UBS AG - Prime-1 short-term bank deposit and debt ratings, and B+ financial strength rating;

· UBS Trust & Banking Ltd. - Prime-1 short-term bank deposit rating and C financial strength rating;

· UBS Finance (Cayman Islands) Ltd. - Prime-1 backed short-term debt rating;

· UBS Australia Limited - Prime-1 backed commercial paper and other short-term debt ratings;

· UBS (Sydney) Ltd. - Prime-1 backed commercial paper and other short-term debt ratings;

· UBS Finance (Delaware), LLC - Prime-1 backed commercial paper rating;

· UBS Finance (Curaçao) NV - Prime-1 backed short-term debt rating;

· UBS Americas, Inc. (ex- PaineWebber Group, Inc.) - Prime-1 backed commercial paper rating.

UBS AG is a global banking group with headquarters in Zurich, Switzerland. The group had total assets of CHF1,088 billion (€715 billion; US$671 billion) at end-2000.

London
Samuel S. Theodore
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
44 20 7772 5454

London
Alexandra A. Sleator
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
44 20 7772 5454

No Related Data.
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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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