DBRS Morningstar cuts Credit Suisse credit rating to ‘BBB’

This post was originally published on this site

DBRS downgraded the issuer rating of the bank to ‘BBB’ as it “continues to report missteps and compliance failures, resulting in a visible weakening of the franchise” and said the parent company’s “ability to restore stakeholders’ confidence” is concerning.

Credit Suisse’s share tumble on Wednesday had threatened to spiral into a wider banking crisis, but a lifeline from the Swiss National Bank helped ease fears and at least temporarily stabilize the market.