Moody's Downgrades UBS Ratings

Moody's Investors Service downgraded various ratings on Swiss bank UBS AG, citing challenges in its investment-banking and wealth-management businesses.

Moody's lowered the bank financial strength rating two notches to C and the long-term debt and deposit ratings one notch to Aa3, four steps below the top AAA rating. The ratings outlook is negative, meaning further downgrades are possible.

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