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UBS Placed on Review for Downgrade by S&P, Moody’s, Fitch

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UBS AG, which said it sustained a $2 billion loss from unauthorized trading at its investment bank, had its credit ratings put under review for possible downgrade by Standard & Poor’s and Moody’s Investors Service.

The examination “will center on ongoing weaknesses in the group’s risk management and controls that have become evident again,” Moody’s analysts led by Robert Thomas said yesterday in a statement. S&P said in a statement today it will make a decision on the ratings “once further details emerge on the scale of the loss and the risk management lapses that enabled it to occur.”