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New strategy as a problem? The CS comes to the checkout at rating agencies

Strategy does not go down well

Now the CS comes to the rating agencies at the checkout

The two leading rating agencies Moody’s and Standard & Poor’s have doubts that Credit Suisse will emerge from the crisis with the new CEO Ulrich Körner. The new strategy does not seem to convince the two either. That has consequences.

Last week there was a bang on the carpet floor at Credit Suisse. After two and a half years at the helm of Credit Suisse (CS) and a quarterly loss of CHF 1.6 billion, Thomas Gottstein (58) takes his hat off. The successor is already ready. CS has found an internal successor solution in Ulrich Körner (59). And announced a new strategy.

What hardly caused any enthusiasm among the shareholders – the share price did not fly – is also not well received by the rating agencies. Moody’s has downgraded its senior unsecured debt and deposits rating of Credit Suisse Group to Baa2 from Baa1 and confirmed its outlook to negative. The long-term rating was also lowered by one notch to “A2”.

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