UBS's Main Unit Is Upgraded by Moody's on Wealth Business

UBS Group AG had the credit rating for its main operations raised by Moody’s Investors Service, which said the restructured investment bank and wealth-management business should help the lender weather a market downturn. The long-term issuer and senior-unsecured debt ratings of UBS AG, which comprises the group’s main banking and wealth-management businesses, were raised one level to Aa3. For comparison, Credit Suisse’s main operating unit -- Credit Suisse AG -- is rated A1, while Credit Suisse Group AG is rated at Baa2 with a stable outlook.