BRIEF-S&P Says Credit Suisse Placed On Creditwatch Positive On Acquisition By UBS Tier 1 Hybrids Downgraded To 'C'

S&P: * S&P SAYS CREDIT SUISSE PLACED ON CREDITWATCH POSITIVE ON ACQUISITION BY UBS; TIER 1 HYBRIDS DOWNGRADED TO 'C'

* S&P - WE CONSIDER THE UBS GROUP TO BE "MATERIALLY STRONGER" THAN THE CREDIT SUISSE GROUP * S&P SAYS IF DEAL GOES AS PROPOSED, ANTICIPATE EQUALIZING RATINGS ON CREDIT SUISSE WITH RATINGS ON UBS, AT HOLDING CO & OPERATING CO LEVEL

* S&P: WE EXPECT CHF16 BILLION AT1 CAPITAL ISSUED BY CREDIT SUISSE THAT WAS DETERMINED TO BE WRITTEN DOWN TO ZERO BY FINMA TO DEFAULT IN THE NEAR TERM Further company coverage:

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