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S&P upgrades Switzerland's Migros Bank

S&P Global Ratings on Nov. 27 upgraded Switzerland-based Migros Bank AG's long- and short-term counterparty credit ratings to A/A-1 from A-/A-2, with a stable outlook.

The upgrade reflects S&P's view that the bank's total absorbing capital now adequately covers interest rate risks, which are higher for the bank because of its less comprehensive hedging than peers. The stable outlook reflects S&P's expectation that there will be no change in the bank's business and financial profiles during the next two years.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.