BRIEF-Fitch Places Credit Suisse Group And Subsidiaries On Rating Watch Evolving On Merger

FITCH: * FITCH PLACES CREDIT SUISSE GROUP AND SUBSIDIARIES ON RATING WATCH EVOLVING ON MERGER

* FITCH SAYS CREDIT SUISSE'S ADDITIONAL TIER 1 (AT1) DEBT RATINGS HAVE BEEN DOWNGRADED TO 'C' FROM 'BB-' * FITCH: ESTIMATES THAT WRITE-DOWN OF AT1 INSTRUMENTS WILL ADD ABOUT 580BP TO CREDIT SUISSE'S 14.1% END-2022 COMMON EQUITY TIER 1 RATIO.

* FITCH: GOVERNMENT SUPPORT RATINGS OF CREDIT SUISSE, CSAG REFLECT OUR VIEW THAT FULL CAPITAL SUPPORT FOR ALL SENIOR CREDITORS CANNOT BE ASSUMED IN LONG TERM * FITCH: CREDIT SUISSE IDRS AND VRS ARE LIKELY TO BE DOWNGRADED IF ACQUISITION BY UBS DOES NOT PROCEED

* FITCH- RATINGS WOULD ALSO COME UNDER PRESSURE IF LIQUIDITY DETERIORATES, WHICH WE DO NOT EXPECT, GIVEN CREDIT SUISSE' ACCESS TO CENTRAL BANK FUNDING * FITCH: LIKELY TO ASSIGN GROUP VRS TO OPERATING COMPANIES OF CREDIT SUISSE AND UBS WHEN GROUPS' ENTITIES BECOME INCREASINGLY INTEGRATED Source text for Eikon: Further company coverage: