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.

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