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Wednesday, November 25, 2009
UBS: S&P Report Doesn't Reflect Capital Position
By Polya Lesova
MarketWatch Pulse
FRANKFURT -- Swiss financial group UBS AG said that a report issued by Standard & Poor's "is not representative" of its capital position in relation to its peers. "The bank's risk-adjusted capital ratio is estimated to be 7.1%, and not the 2.2% reported by S&P," UBS said in a statement dated Tuesday. The S&P report doesn't take into account two important components of UBS's capital, the bank said. These include the 6 billion Swiss francs of mandatory convertible notes fully converted in August as well as the 13 billion francs of notes due to convert by March 2010.
Copyright © 2009 MarketWatch, Inc.
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