Moody's on Dec. 13 upgraded two Credit Suisse Group AG units' long-term issuer ratings and their senior unsecured debt ratings to A1 from A2.

The outlook on Credit Suisse AG's and Credit Suisse International's ratings is stable. Credit Suisse Group's senior program ratings were also upgraded to (P)Baa2 from (P)Baa3.

In addition, Credit Suisse (USA) Inc.'s senior unsecured debt ratings were upgraded to A1 from A2, with a stable outlook.

The action reflects Moody's assessment that the issuance of senior unsecured debt by the parent holding company has led to senior unsecured creditors facing lower loss given failure. The company's issued and soon-to-be issued senior unsecured debt offers further loss absorption for these creditors.