Expressing concern about Credit Suisse's reliance on trading, Standard & Poor's rating group recently placed about $7 billion of the bank's debt on credit watch with negative implications.

S&P, echoing concerns that prompted it and Moody's Investors Service to yank their triple-A ratings on J.P. Morgan & Co. and downgrade Bankers Trust New York Corp., cited a decline in the 1994 earnings of the CS Holding banking unit, which was attributed to the volatility of the trading business.

S&P also pointed to deterioration in asset quality at the bank over the past four years, a slide reflecting economic conditions and significant exposure to the Swiss property market.

Under review are the triple-A ratings on Credit Suisse's long-term debt and long-term certificates of deposit, as well as its triple-A counterparty rating.

Also being reviewed are the triple-A and double-A ratings on Credit Suisse Financial Products debt.

S&P affirmed its A1-plus rating on the short-term CDs of Credit Suisse and the financial products subsidiary, as well as the CD and counterparty ratings of Bank Leu Ltd., another sister company.

The agency also affirmed its ratings on CS First Boston Corp.

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