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Rating Action:

Moody's lowers Credit Suisse hybrid securities ratings

25 Feb 2010

Approximately $16 billion of hybrids affected

New York, February 25, 2010 -- Moody's Investors Service downgraded its ratings on certain hybrid securities backed by Credit Suisse AG or its parent Credit Suisse Group AG (together, Credit Suisse), in line with its revised Guidelines for Rating Bank Hybrids and Subordinated Debt published in November 2009. This concludes the review for possible downgrade that began on November 18, 2009. The rating outlook for Credit Suisse remains negative and all other ratings on Credit Suisse remain unchanged.

Prior to the global financial crisis, Moody's had incorporated into its ratings an assumption that support provided by national governments and central banks to shore up a troubled bank would, to some extent, benefit the subordinated debt holders as well as the senior creditors. The systemic support for these instruments has not been forthcoming in many cases. The revised methodology largely removes previous assumptions of systemic support, resulting in today's rating action. In addition, the revised methodology generally widens the notching on a hybrid's rating that is based on the instrument's features.

RATING ACTION IN DETAIL

The starting point in Moody's revised approach to rating hybrid securities is the Adjusted Baseline Credit Assessment (Adjusted BCA). The Adjusted BCA reflects the bank's standalone credit strength, including parental and/or cooperative support, if applicable. The Adjusted BCA excludes systemic support. Moody's rating action removes systemic support from Credit Suisse's hybrids and, where applicable, adds an additional notch for those instruments with non-cumulative coupon payments.

The Adjusted BCA is Aa3 for Credit Suisse AG and is the same as the BCA since parental and/or cooperative support does not apply.

- The following tier 1 securities issued or backed by Credit Suisse AG were downgraded from Aa3 to A3, which is three notches below the Adjusted BCA. These securities have a deeply subordinated claim in liquidation, their coupon payments are non-cumulative, and coupon payments are not subject to any net loss triggers. Two notches of the downgrade reflect the removal of systemic support, while Moody's added an additional notch to the downgrade to reflect the non-cumulative coupon payments.

Credit Suisse AG (Guernsey Branch): 5.86% Fixed to Floating Rate USD Tier 1 Capital Notes (ISIN US225448AA76), Floating Rate USD Tier 1 Capital Notes (ISIN US225448AB59), 7.9% USD Tier 1 Capital Notes (ISIN US2254482084), and 3.30% Fixed Rate Reset USD Tier 1 Capital Notes (ISIN US225448AD16)

Credit Suisse Capital (Guernsey) I Limited: Class A Preferred Securities

Credit Suisse AG: Class A Participation Securities

The above securities were issued as collateral backing Claudius Limited. See also separate press release on Claudius Limited (ISIN XS0371612762).

- The following tier 1 securities issued or backed by Credit Suisse AG were downgraded from Aa3 to A2, which is two notches below the Adjusted BCA. These securities have a deeply subordinated claim in liquidation; however, skipped coupon payments are covered by an equity settlement mechanism which obligates the bank to issue common shares of value equal to the skipped coupons. Moody's views this ongoing payment obligation as the equivalent of a cumulative coupon. The two notch downgrade reflects the removal of systemic support.

Credit Suisse AG (Guernsey Branch): 11% USD Tier 1 Capital Notes (ISIN XS0394946809) and 10% CHF Tier 1 Capital Notes (ISIN XS0394947104)

- The following upper tier 2 securities backed by Credit Suisse AG were downgraded from Aa2 to A1, which is one notch below the Adjusted BCA. These securities have a junior subordinated claim in liquidation and allow for optional coupon deferral. Any deferred payments are cumulative. The two notch downgrade reflects the removal of systemic support.

Credit Suisse International: Primary Capital Undated Bonds (XS0059124742 and ISIN XS0041253393)

- The following junior subordinated tranches of Credit Suisse AG's MTN programs were downgraded from Aa2 to A1, which is one notch below the Adjusted BCA. These are the ratings that, subject to a review of the final documents, could be assigned to securities issued under the programs with a junior subordinated claim in liquidation, a coupon deferral mechanism, and cumulative coupon payments. The two notch downgrade reflects the removal of systemic support.

Credit Suisse AG (New York Branch): US MTN program, junior subordinated tranche

Credit Suisse AG, London Branch, and New York Branch: Euro MTN program, junior subordinated tranche

- The following junior subordinated security backed by Credit Suisse AG was downgraded from Aa2 to Aa3, which is two notches below the bank's deposit rating. The security has a junior subordinated claim in liquidation, but does not have any coupon deferral features. The downgrade reflects the security's junior subordinated claim.

Credit Suisse First Boston Finance B.V.: USD Junior Guaranteed Undated Floating Rate Notes (ISIN GB0043378560)

- The following tier 1 securities and shelf registrations issued or backed by Credit Suisse Group AG were downgraded from A1 to Baa1, which is three notches below the bank's Adjusted BCA plus an additional notch to reflect holding company structural subordination. These securities have a deeply subordinated claim in liquidation and their coupon payments are non-cumulative. Two notches of the downgrade reflect the removal of systemic support, while Moody's added an additional notch to the downgrade to reflect the non-cumulative coupon payments.

Credit Suisse Group Capital (Guernsey) II Limited: 7.974% Non-cumulative G'td Perpetual Preferred Securities (ISIN XS0112770127)

Credit Suisse Group Capital (Guernsey) III Limited: 8.514% Non-cumulative G'td Perpetual Preferred Securities (ISIN XS0112553291)

Credit Suisse Group Capital (Guernsey) IV Limited: 6.50% Non-cumulative G'td Perpetual Preferred Securities (ISIN CH0010916325)

Credit Suisse Group Capital (Guernsey) V Limited: 6.905% Non-cumulative G'td Perpetual Preferred Securities (ISIN XS0138429575)

Credit Suisse Group Capital (Delaware) LLC I, II, and III (shelf registrations)

Credit Suisse Group Capital (Delaware) Trust I, II, and III (shelf registrations)

- The following upper tier 2 security backed by Credit Suisse Group AG was downgraded from Aa3 to A2, which is one notch below the bank's Adjusted BCA plus an additional notch to reflect holding company structural subordination. The security has a junior subordinated claim in liquidation and allows for optional coupon deferral. Any deferred payments are cumulative. The two notch downgrade reflects the removal of systemic support.

Credit Suisse Group Finance (Guernsey) Limited: GBP Perpetual Subordinated Step-Up Bonds (ISIN XS0148995888)

- The following junior subordinated tranches of Credit Suisse Group AG's MTN program were downgraded from Aa3 to A2, which is one notch below the bank's Adjusted BCA plus an additional notch to reflect holding company structural subordination. . These are the ratings that, subject to a review of the final documents, could be assigned to securities issued under the programs with a junior subordinated claim in liquidation, a coupon deferral mechanism, and cumulative coupon payments. The two notch downgrade reflects the removal of systemic support.

Credit Suisse Group AG, Credit Suisse Group Finance (Guernsey) Limited, and Credit Suisse Group Finance Luxembourg SA: Euro MTN program, junior subordinated tranche

RATING HISTORY AND MOODY'S METHODOLOGIES

The last rating action on Credit Suisse was on 18 November 2009, when Moody's placed the ratings of Credit Suisse's hybrid securities on review for possible downgrade.

The principal methodologies used in rating Credit Suisse are "Moody's Bank Financial Strength Ratings: Global Methodology", published in February 2007, "Incorporation of Joint-Default Analysis into Moody's Bank Ratings", published in March 2007, and " Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt", published in November 2009, which are available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

Domiciled in Zurich, Switzerland, Credit Suisse Group AG reported total assets of CHF1,031 billion as of the end of December 2009 and a net profit of CHF6.7 billion for the year.

Please visit www.moodys.com to access the following documents for additional information:

Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt -- November 17, 2009

Frequently Asked Questions: Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt -- November 17, 2009

New York
David Fanger
Senior Vice President
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

London
Johannes Wassenberg
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's lowers Credit Suisse hybrid securities ratings
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