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.

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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