SAN FRANCISCO (MarketWatch)
Fitch Ratings said late Thursday it downgraded UBS AG's long-term issuer default rating to A from A+ in its review of European banks in light of the sovereign debt crisis.
The outlook on UBS is stable, Fitch said.
The ratings agency said it based the rating on a high probability the Swiss government will support UBS in the short term but that legislation was being finalized to avoid having Swiss taxpayers bail out a systemically important bank.
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