4.99%GE 20.52 4.87%QQQQ 34.33 5.11%
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NEW YORK - A Credit Suisse analyst on Thursday cut his rating on UBS AG, less than a month after the Swiss investment bank moved to raise $15.5 billion to shore up its balance sheet.
Analyst Daniel Davies downgraded UBS to "Neutral" from "Outperform."
Last month the company sold shares at a 31 percent discount in the offering, and $15 billion in subprime and alt-A mortgage assets to BlackRock Inc.
"Now that the write-downs have been reduced to manageable levels ... management face the challenge of rebuilding the franchise," Davies said in a note to clients. "We expect this to be a difficult job."
Shares of the company trading on U.S. exchanges have slipped 45 percent so far this year.
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