Credit ratings

UBS's solicited credit ratings are set out in the table below, together with the most recent statement by the rating agency of the status or outlook. Each of these ratings reflects only the view of the applicable rating agency at the time the rating was issued, and any explanation of the significance of a rating may be obtained only from the rating agency. Generally, rating agencies base their ratings on such material and information, and such of their own investigations, studies and assumptions, as they deem appropriate. A security rating is not a recommendation to buy, sell or hold securities and each rating should be evaluated independently from similar ratings of other entities, and from the rating, if any, of UBS's securities. There is no assurance that any credit rating will remain in effect for any given period of time or that a rating will not be reviewed, revised, lowered, suspended or withdrawn entirely by the rating agency if, in the rating agency's judgment, circumstances so warrant.

UBS Group AG

Long-Term Counterparty    
Credit Rating  

A-

6.6.16

Stable (6.6.16)

Short-Term Counterparty    
Credit Rating

A-2

12.2.15

Affirmed (6.6.16)

Unsupported Group Credit Profile

a

6.6.16

(6.6.16)

Additional Tier 1 instruments

BB+

6.6.16

Stable (6.6.16)

Standard & Poor's

Rating

Last rating change

Status / outlook

Long-Term Issuer              
Default Rating

A

12.2.15

Positive (8.12.15)

Short-Term Issuer             
Default Rating

F1

12.2.15

Affirmed (8.12.15)

Additional Tier 1 instruments

BB+

19.2.15

Affirmed (14.6.16)

Fitch

Rating

Last rating change

Status / outlook

Issuer Credit Strength Rating

A+

1.6.16

Positive (20.6.16)

Short-Term Debt Rating

S-1

Solicited 3.8.15

Positive (20.6.16)

Basel III-compliant Tier 2 instruments

BBB+

Solicited 3.8.15

Positive (20.6.16)

Scope Ratings

Rating

Last rating change

Status / outlook

UBS AG

Long-Term Counterparty
Credit Rating

A+

6.6.16

Stable (6.6.16)

Short-Term Counterparty
Credit Rating

A-1

19.12.08

Affirmed (6.6.16)

Stand-alone Credit Profile

a

6.6.16

(6.6.16)

Basel III-compliant Tier 2
instruments

BBB+

6.6.16

Affirmed (6.6.16)

Standard & Poor's

Rating

Last rating change

Status / outlook

Long-term deposit rating                 

Aa3

11.1.16

Stable (11.1.16)

Long-term senior debt rating

A1

11.1.16

Stable (11.1.16)

Short-term deposit rating

P-1

29.6.98

Affirmed (11.1.16)

Short-term debt rating

P-1

29.6.98

Affirmed (11.1.16)

Counterparty risk rating

Aa3(cr)

11.1.16

(11.1.16)

Baseline credit assessment

baa1

11.1.16

(11.1.16)

Moody's

Rating

Last rating change

Status / outlook

Long-Term Issuer
Default Rating

A+

14.6.16

Stable (14.6.16)

Short-Term Issuer
Default Rating

F1

13.10.11

Affirmed (14.6.16)

Viability Rating

a

17.4.13

Affirmed (14.6.16)

Basel III-compliant Tier 2 instruments

BBB+

17.4.13

Affirmed (14.6.16)

Fitch

Rating

Last rating change

Status / outlook

Senior Debt Rating

A

Solicited 3.8.15

Positive (20.6.16)

Short-Term Debt Rating

S-1

Solicited 3.8.15

Stable (1.6.16)

Additional Tier 1 instruments

BBB-

Solicited 3.8.15

Positive (20.6.16)

Scope Ratings

Rating

Last rating change

Status / outlook

UBS Limited

Long-Term Counterparty
Credit Rating

A+

6.6.16

Stable (6.6.16)

Short-Term Counterparty
Credit Rating

A-1

19.12.08

Affirmed (6.6.16)

Standard & Poor's

Rating

Last rating change

Status / outlook

Long-term senior debt rating

A1

11.1.16

Stable (11.1.16)

Short-term debt rating

P-1

18.10.02

Affirmed (11.1.16)

Moody's

Rating

Last rating change

Status / outlook

Long-Term Issuer
Default Rating

A+

14.6.16

Stable (14.6.16)

Short-Term Issuer
Default Rating

F1

13.10.11

Affirmed (14.6.16)

Fitch

Rating

Last rating change

Status / outlook

UBS Switzerland AG

Long-Term Counterparty
Credit Rating

A+

6.6.16

Stable (6.6.16)

Short-Term Counterparty
Credit Rating

A-1

15.6.15

Affirmed (6.6.16)

Standard & Poor's

Rating

Last rating change

Status / outlook

Long-Term Issuer
Default Rating

A+

14.6.16

Stable (14.6.16)

Short-Term Issuer
Default Rating

F1

13.10.11

Affirmed (14.6.16)

Fitch

Rating

Last rating change

Status / outlook