S&P cuts Credit Suisse's rating to one level above junk bond status

S&P Global Ratings has downgraded Credit Suisse Group’s long-term credit rating to one step above junk bond status, citing “material execution risks” in the Swiss bank’s efforts to get back on solid ground after a series of scandals and losses.

S&P cut its rating one notch to BBB- and reduced its view on main operating unit Credit Suisse AG and other core subsidiaries to A-/A-2 from A/A-1.

S&P has a stable outlook on the ratings.