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S&P assigns ratings to Credit Suisse unit

S&P Global Ratings on Oct. 11 assigned A/A-1 long- and short-term issuer credit ratings to Credit Suisse Securities Sociedad De Valores SA, with a positive outlook.

The rating agency also assigned the Spain-based nonbanking investment firm A+/A-1 long- and short-term resolution counterparty ratings.

S&P rated CSSSV in line with direct parent Credit Suisse AG, the main operating entity of Credit Suisse Group AG. The agency noted that it considers CSSSV to be a core subsidiary that would receive support from the group, as it will primarily rely on the Spanish firm to carry out its capital markets activities in the European Economic Area in preparation for Brexit and under the assumption that U.K. financial firms will lose their rights to sell their services across the EU.

The positive outlook incorporates S&P's expectation that CSSSV will succeed in carrying out its broader role in the group. The outlook also reflects the agency's baseline scenario that over 2018 to 2019, the Spain-based firm will increasingly onboard clients from the group's U.K. entities, gradually receive capital from its parent, and continue to play a crucial role in the group's Brexit-related contingency plan.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings document referred to in this news brief can be found in the sources section.