Moody's Reviewing Credit Suisse Rating
Credit Suisse is under review by Moody's Investors Service, and could lose its triple-A standing for $2 billion of long-term deposits and senior long-term Eurodebt.
Moody's cited a more competitive banking environment in Switzerland and the potential effects of a global recession as reasons for concern.
The Swiss bank has been a major provider of letters of credit for U.S. securities. As part of its review, Moody's is evaluating the credit quality on $12 billion of securities backed by letters of credit that Credit Suisse has issued.