DBRS Morningstar became the first global rating agency to cut Credit Suisse's credit score on Thursday, less than a day after a major share price plunge saw Switzerland's central bank provide emergency support to the lender.
The move follows Moody's earlier saying it will monitor Credit Suisse's situation and "act appropriately" regarding its rating.the bank's issuer rating to 'BBB' as it "continues to report missteps and compliance failures, resulting in a visible weakening of the franchise," and said the holding company's "ability to restore stakeholders' confidence" is concerning.
A slide in Credit Suisse's shares had threatened to spiral into a wider banking crisis on Wednesday, while some analysts said the Swiss National Bank's $54-billion loan has only bought the lender some time to work outBank stocks tumbled across the world on Monday after the sudden collapse of Silicon Valley Bank and Signature Bank forced U.S.
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Credit Suisse chairman took a pass on $1.6 million award, had his pay cutCredit Suisse's chairman took a pass on a $1.6 million award and had his pay cut
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Credit Suisse shares hit record low as banking giant admits to ‘material weaknesses’Credit Suisse shares hit an all-time low in early Tuesday trading after the Swiss banking giant admitted to discovering “material weaknesses” in its financial reporting over the past two years.
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