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S&P report not reflective of UBS's capital position: Pro forma risk-adjusted capital ratio at 7.1% (when taking into account mandatory convertible notes)

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The report issued by Standard & Poor's (S&P) is not representative of UBS's capital position in relation to its peers.

The bank's risk-adjusted capital ratio (RAC) is estimated to be 7.1%, and not the 2.2% reported by S&P. Their report shows a RAC as of 30 June 2009 which does not take into account two important components of UBS's capital:

  • the CHF 6 billion mandatory convertible notes (MCNs) fully converted in August 2009

  • the CHF 13 billion MCNs due to convert by March 2010.