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Fitch assigns ratings to Credit Suisse's German unit

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Fitch assigns ratings to Credit Suisse's German unit

Fitch Ratings on March 15 assigned Credit Suisse (Deutschland) AG long- and short-term issuer default ratings of A-/F1, with a positive outlook on the long-term rating.

The agency also assigned the lender a support rating of 1 and A-/F1 long-and short-term deposit ratings.

Fitch noted that the long-term issuer default rating of the Frankfurt-based bank is based on the viability rating of immediate parent Credit Suisse AG, reflecting a number of factors, such as the unit's expected core role in the group following Britain's imminent exit from the EU.

The ratings also reflect Fitch's view that a default of Credit Suisse (Deutschland) would result in high reputational damage for the parent and could have significant implications for Credit Suisse's overall franchise.

Credit Suisse Group AG is the ultimate parent of Credit Suisse and Credit Suisse (Deutschland).