S&P Global Ratings on July 25 revised to stable fromnegative the outlooks on J. SafraSarasin Holding Ltd. units Switzerland-based andBanque J. Safra Sarasin(Luxembourg) SA.

The revision takes into account the units' strong operatingperformance and reflects the rating agency's view that their risk profiles haveimproved due to the reduction of emerging market exposures in investmentportfolios. The agency, which views the units' improved capital position as anadditional buffer, also believes that diversifying of their underlying assetsand enhanced loss-absorbing capacities could moderate potential unrealizedlosses from investment portfolios.

The rating agency also affirmed both entities' long- andshort-term counterparty credit ratings at A/A-1.

S&P Global Inc.owns S&P Global Ratings and S&P Global Market Intelligence.