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remain in effect for any given period of time or that a rating will not be reviewed, revised, lowered, suspended or withdrawn entirely by the rating agency if, in the rating agency's judgment, circumstances so warrant.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

Standard & Poor's

Item	Item	Rating	Rating	Last rating change	Last rating change	Status / outlook	Status / outlook
Item	Long-Term Counterparty Credit Rating	Rating	A-	Last rating change	6.6.16	Status / outlook	Stable
Item	Short-Term Counterparty Credit Rating	Rating	A-2	Last rating change	12.2.15	Status / outlook
Item	Unsupported Group Credit Profile	Rating	a	Last rating change	6.6.16	Status / outlook
Item	High-trigger additional Tier 1 instruments	Rating	BB	Last rating change	29.1.18	Status / outlook	Stable

Fitch

Item	Item	Rating	Rating	Last rating change	Last rating change	Status / outlook	Status / outlook
Item	Long-Term Issuer Default Rating	Rating	A+	Last rating change	28.9.17	Status / outlook	Negative
Item	Short-Term Issuer Default Rating	Rating	F1	Last rating change	12.2.15	Status / outlook
Item	Additional Tier 1 instruments	Rating	BBB	Last rating change	28.9.17	Status / outlook

UBS AG

Standard & Poor's

Item	Item	Rating	Rating	Last rating change	Last rating change	Status / outlook	Status / outlook
Item	Long-Term Counterparty Credit Rating	Rating	A+	Last rating change	6.6.16	Status / outlook	Stable
Item	Short-Term Counterparty Credit Rating	Rating	A-1	Last rating change	19.12.08	Status / outlook
Item	Stand-alone Credit Profile	Rating	a	Last rating change	6.6.16	Status / outlook
Item	Basel III-compliant Tier 2 instruments	Rating	BBB+	Last rating change	6.6.16	Status / outlook

Moody's

Item	Item	Rating	Rating	Last rating change	Last rating change	Status / outlook	Status / outlook
Item	Long-term deposit rating	Rating	Aa2	Last rating change	18.6.18	Status / outlook	Stable
Item	Long-term senior debt rating	Rating	Aa3	Last rating change	18.6.18	Status / outlook	Stable
Item	Long-term counterparty risk rating	Rating	Aa2	Last rating change	18.6.18	Status / outlook
Item	Short-term deposit rating	Rating	P-1	Last rating change	29.6.98	Status / outlook
Item	Short-term debt rating	Rating	P-1	Last rating change	29.6.98	Status / outlook
Item	Short term counterparty risk rating	Rating	P-1	Last rating change	18.6.18	Status / outlook
Item	Baseline credit assessment	Rating	a3	Last rating change	18.6.18	Status / outlook	Stable

Fitch

Item	Item	Rating	Rating	Last rating change	Last rating change	Status / outlook	Status / outlook
Item	Long-Term Issuer Default Rating	Rating	AA-	Last rating change	28.9.17	Status / outlook	Negative
Item	Short-Term Issuer Default Rating	Rating	F1+	Last rating change	28.9.17	Status / outlook
Item	Viability Rating	Rating	a+	Last rating change	28.9.17	Status / outlook
Item	Derivative Counterparty Rating	Rating	AA-(dcr)	Last rating change	21.6.18	Status / outlook
Item	Basel III-compliant Tier 2 instruments	Rating	A-	Last rating change	28.9.17	Status / outlook

UBS Europe SE

Standard & Poor's

Item	Item	Rating	Rating	Last rating change	Last rating change	Status / outlook	Status / outlook
Item	Long-Term Counterparty Credit Rating	Rating	A+	Last rating change	26.6.18	Status / outlook	Stable
Item	Short-Term Counterparty Credit Rating	Rating	A-1	Last rating change	26.6.18	Status / outlook

Moody's

Item	Item	Rating	Rating	Last rating change	Last rating change	Status / outlook	Status / outlook
Item	Long-term deposit rating	Rating	Aa3	Last rating change	1.3.19	Status / outlook	Stable
Item	Long-term senior debt rating	Rating	Aa3	Last rating change	1.3.19	Status / outlook	Stable
Item	Long-term counterparty risk rating	Rating	Aa2	Last rating change	1.3.19	Status / outlook
Item	Short-term deposit rating	Rating	P-1	Last rating change	1.3.19	Status / outlook
Item	Short-term debt rating	Rating	P-1	Last rating change	1.3.19	Status / outlook
Item	Short term counterparty risk rating	Rating	P-1	Last rating change	1.3.19	Status / outlook
Item	Adjusted baseline credit assessment	Rating	a3	Last rating change	1.3.19	Status / outlook	Stable

Fitch

Item	Item	Rating	Rating	Last rating change	Last rating change	Status / outlook	Status / outlook
Item	Long-Term Issuer Default Rating	Rating	AA-	Last rating change	26.6.18	Status / outlook	Negative
Item	Short-Term Issuer Default Rating	Rating	F1+	Last rating change	26.6.18	Status / outlook
Item	Derivtive Counterparty Rating	Rating	AA-(dcr)	Last rating change	1.3.19	Status / outlook

UBS Switzerland AG

Standard & Poor's

Item	Item	Rating	Rating	Last rating change	Last rating change	Status / outlook	Status / outlook
Item	Long-Term Counterparty Credit Rating	Rating	A+	Last rating change	6.6.16	Status / outlook	Stable
Item	Short-Term Counterparty Credit Rating	Rating	A-1	Last rating change	15.6.15	Status / outlook

Fitch

Item	Item	Rating	Rating	Last rating change	Last rating change	Status / outlook	Status / outlook
Item	Long-Term Issuer Default Rating	Rating	AA-	Last rating change	28.9.17	Status / outlook	Negative
Item	Short-Term Issuer Default Rating	Rating	F1+	Last rating change	28.9.17	Status / outlook
Item	Derivative Counterparty Rating	Rating	AA-(dcr)	Last rating change	21.6.18	Status / outlook

UBS Americas Holding LLC

Standard & Poor's

Item	Item	Rating	Rating	Last rating change	Last rating change	Status / outlook	Status / outlook
Item	Long-Term Counterparty Credit Rating	Rating	A-	Last rating change	4.11.16	Status / outlook	Stable
Item	Short-Term Counterparty Credit Rating	Rating	A-2	Last rating change	4.11.16	Status / outlook

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