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CREDIT SUISSE AG

Paradeplatz 8 P.O. Box
Tel. Fax
+41 844 33 88 44 +41 44 333 88 77
CH-8070 Zurich Switzerland [email protected]

Rating Overview of Swiss Companies

  • Company
  • CS Rating
  • CS Outlook
  • Changes since June 2009
  • S&P
  • Moody's

  • ABB
  • Low A
  • Stable
  • A–, Stable

BBB–, Stable n.r.
A3, Stable
Adecco AFG
Mid BBB Low BBB High A
Negative Stable Stable Stable Stable Stable Stable
Outlook changed from Stable to Negative Outlook changed from Negative to Stable
Baa3, Stable n.r. n.r. n.r. n.r. n.r. n.r.

  • Alpiq
  • n.r.

Aryzta Axpo
High BBB Low AA Low A

  • Coverage initiation
  • n.r.

n.r.

  • A–, Stable1
  • Bâloise

  • BKW
  • Low AA
  • n.r.

–1 notch, outlook changed from Negative to Stable

  • Bobst Group
  • Low BBB
  • Stable
  • n.r.

n.r. n.r.

  • n.r.
  • Bucher Industries

CKW
High BBB n.r.
Stable

  • n.r.
  • Drop coverage

  • Clariant
  • High BB

Low A
Stable Stable
BBB–, Stable n.r.
Ba1, Stable

  • n.r.
  • Coop

–1 notch, outlook changed from Stable to Negative –1 notch, outlook changed from Negative to Stable
Edipresse EGL
High BB Low A
Negative Stable n.r. n.r. n.r. n.r.
EMS Chemie Energiedienst EOS

  • Low A
  • Stable

Stable n.r.

  • Outlook changed from Negative to Stable
  • n.r.

n.r. n.r.

  • n.r.
  • Low A

  • n.r.
  • Drop coverage

Flughafen Zurich Forbo
Mid BBB Mid BBB High BBB
Stable Stable Stable
BBB+, Positive n.r.

  • n.r.
  • n.r.

  • n.r.
  • Geberit
  • A–, Stable

–2 notches, outlook changed from Negative to Stable Outlook changed from Under Review to Stable
Georg Fischer Givaudan
Low BBB High BBB
Stable Stable n.r. n.r. n.r. n.r. Baa2, Negative

  • Glencore International
  • Mid BBB

High A
Stable Stable Stable
BBB–, Stable

  • n.r.
  • Hilti
  • n.r.

Outlook changed from Under Review to Stable

  • Holcim
  • Mid BBB
  • BBB, Stable
  • Baa2, Stable

  • Jelmoli
  • n.r.
  • n.r.
  • Drop coverage

Lindt & Sprüngli Lonza
High A Mid BBB High A Mid AA n.r.
Stable Stable Stable Stable n.r.

  • n.r.
  • n.r.

  • n.r.
  • n.r.

  • Migros
  • A, Stable

AA, Stable n.r.

  • Nestlé
  • Aa1, Negative

  • NOK
  • Drop coverage

  • Novartis
  • Mid AA

Low A Low AA
Stable Negative Stable

  • AA–, Stable
  • Aa2, Negative

  • n.r.
  • PSP Swiss Property

Raiffeisen Switzerland n.r.

  • n.r.
  • Aa1, Stable

–1 notch, outlook changed from Negative to Stable

  • Rieter
  • High BB
  • Stable
  • n.r.
  • n.r.

  • Roche
  • Low AA

High A Low A AAA
Stable Stable Stable Stable n.r.
AA–, Stable n.r.
A2, Stable

  • n.r.
  • Schindler

  • Sika
  • A–, Stable

n.r. n.r.

  • Skyguide
  • n.r.

SRG SSR idée Suisse Swisscom

  • n.r.
  • Drop coverage

  • Mid A
  • Stable
  • A, Stable
  • A2, Stable

  • Swiss Life
  • High BBB

Mid BBB Low AA
Stable Stable Stable
BBB+, Stable2 n.r.
Swiss Prime Site Swiss Re

  • Coverage initiation
  • n.r.
  • n.r.

  • Outlook changed from Negative to Stable
  • A+, Stable
  • A1, Stable

  • Syngenta
  • Mid A
  • Stable
  • A, Stable
  • A2, Stable

  • UBS
  • High A
  • Stable

Stable Stable
A+, Stable n.r. AA–, Stable3
Aa3, Negative n.r. A1, Stable3

  • Valora
  • Low BBB

  • High A
  • Zurich Insurance

n.r. = not rated 1Insurance Financial Strength (IFS) rating. This implies a BBB+ rating for senior bonds issued by Bâloise (note: the bonds are not rated by S&P). 2Insurance Financial Strength (IFS) rating. Swiss Life Holding rated BBB–, Stable 3Insurance Financial Strength (IFS) rating. Senior debt ratings one notch lower (i.e. A+, Stable at S&P and A2, Stable at Moody’s) to reflect subordination of senior debt holders to policyholders.

Source: "Swiss Corporate Credit Handbook 2010"

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