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UBS shares suffer after ratings downgrade

The Local
The Local - [email protected]
UBS shares suffer after ratings downgrade

Shares in Swiss banking giant UBS tumbled in early trade after ratings agency Standard and Poor's downgraded its rating on Tuesday.

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Shares in UBS had fallen by 2.34 percent on the Swisss stock exchange at 10am, news agency ATS reports.

Standard and Poor's on Tuesday downgraded the bank's rating from A+ to A as part of a wider revision affecting 37 of the world's largest banks.

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