FINANCIAL INSTITUTIONS

CREDIT OPINION13 March 2019

Update

RATINGS

Domicile Zurich, Switzerland

Long Term Debt Baa2

Type Senior Unsecured - FgnCurr

Outlook Stable

Please see the ratings section at the end of this reportfor more information. The ratings and outlook shownreflect information as of the publication date.

Contacts

Michael Rohr +49.69.70730.901VP-Sr Credit Officermichael.rohr@moodys.com

David Fanger +1.212.553.4342Senior Vice Presidentdavid.fanger@moodys.com

Mark C Jenkinson +44.20.7772.5432Associate Analystmark.jenkinson@moodys.com

Laurie Mayers +44.20.7772.5582Associate Managing Directorlaurie.mayers@moodys.com

Ana Arsov +1.212.553.3763MD-Financial Institutionsana.arsov@moodys.com

Credit Suisse Group AGUpdate to credit analysis

SummaryWe assign a Baa2 (stable) senior unsecured debt rating to Credit Suisse Group AG (CS)as well as A1 (stable)/P-1 senior unsecured debt and deposit ratings to its principal banksubsidiary, Credit Suisse AG. We further assign a baa2 Baseline Credit Assessment (BCA) andAdjusted BCA to Credit Suisse AG, as well as an A1/P-1 Counterparty Risk Rating (CRR).

Credit Suisse AG’s baa2 BCA is underpinned by the strong progress CS has made in reducingtail risks to earnings and capital as a result of its three-year restructuring program, whichcommenced in late 2015 and included the successful settlement of legacy litigation issues.The bank's credit profile is further supported by the stable earnings and lower risk profile ofthe bank's large global wealth management franchise and well-positioned domestic Swissbanking franchise producing a high share of recurring revenues as well as its sound liquidityposition. We also expect the bank to largely maintain its strengthened capital position,despite ongoing regulatory pressures and slightly higher payout ratios.

The baa2 BCA remains constrained by the group's comparatively higher dependence ontransaction-driven capital market revenues compared with many of its closest globalinvestment banking peers. While execution challenges from its three-year restructuringprogram have eased, CS's profitability metrics still fall short if compared with those ofsimilarly rated peers. From 2019 onward, however, we anticipate profitability to meaningfullybenefit from the reduced costs of off-loading non-core assets1, as well as lower funding andrestructuring costs.

Exhibit 1

Credit Suisse Group AG rating scorecard - Key financial ratios

0.8%

18.7%

0.2%

39.9%

46.4%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Asset Risk:Problem Loans/

Gross Loans

Capital:Tangible Common

Equity/Risk-WeightedAssets

Profitability:Net Income/

Tangible Assets

Funding Structure:Market Funds/

Tangible BankingAssets

Liquid Resources:Liquid Banking

Assets/TangibleBanking Assets

Solvency Factors (LHS) Liquidity Factors (RHS)

Credit Suisse Group AG (BCA*: baa2) Median baa2-rated banks

So

lve

ncy F

acto

rs

Liq

uid

ity F

acto

rs

*The baa2 BCA relates to Credit Suisse Group AG's operating bank, Credit Suisse AG.Source: Moody's financial metrics

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Credit strengths

» Large global wealth management franchise and well-positioned domestic banking franchise provide a significant source of stableand largely predictable earnings

» Improved capital position will be largely maintained, despite regulatory pressures

» Good risk management, with a proactive approach to risk taking, risk limits and controls

» Sound liquidity position and conservative liquidity management

Credit challenges

» Relatively weak profitability versus its global investment bank (GIB) peers, but set to improve from 2019 onwards

» The group’s integrated business model will continue to rely on a higher share of capital markets businesses versus other GIBs

» Confidence-sensitive customer base and meaningful reliance on wholesale funding sources

Outlook

» The outlook for Credit Suisse's ratings is stable, reflecting its strong capital position, good risk management, and sound liquidityposition.

» The stable outlook further takes account of progress made in implementing the group's strategy and we expect execution tocontinue, supporting the group's earnings stability and profitability metrics.

Factors that could lead to an upgrade

» Upward pressure on CS's ratings could arise if the group (1) were to successfully achieve a substantial and sustainable improvementin its profitability metrics; (2) achieved a meaningful further reduction of its risk profile; and (3) significantly reduced its reliance onearnings from its capital markets businesses.

» Any upgrade remains further contingent on the group reducing its wholesale funding dependence to a level commensurate withhigher rated peers.

Factors that could lead to a downgrade

» The ratings could be downgraded if CS (1) failed to deliver on the changes implemented to its business model, in particular if itfailed to increase revenues post right-sizing, thereby not being able to generate continued positive operating leverage which wouldhelp lift its profitability towards the announced target levels; (2) were to suffer from a significant control or risk management failure;or (3) materially increased its risk appetite.

» The ratings may also be downgraded in the event of a significant decline in the Swiss economy, or an unexpected and meaningfuldeterioration in the group's capital or liquidity profile.

» The ratings could further be downgraded should there be a significant and larger-than-anticipated decrease in the banks' existingbail-in-able debt cushion leading to a higher loss severity for its different debt classes. Although regarded unlikely at present, thismay lead to fewer notches of rating uplift as a result of our Advanced LGF analysis.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 13 March 2019 Credit Suisse Group AG: Update to credit analysis

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Key indicators

Exhibit 2

Credit Suisse Group AG (Consolidated Financials) [1]9-182 12-172 12-162 12-152 12-142 CAGR/Avg.3

Total Assets (CHF billion) 764 791 814 814 913 -4.64

Total Assets (EUR billion) 673 676 759 748 759 -3.14

Total Assets (USD billion) 782 812 800 813 919 -4.24

Tangible Common Equity (CHF billion) 52 47 43 47 43 5.54

Tangible Common Equity (EUR billion) 46 40 40 44 35 7.14

Tangible Common Equity (USD billion) 53 48 43 47 43 6.04

Problem Loans / Gross Loans (%) 0.7 0.8 0.9 0.7 0.5 0.75

Tangible Common Equity / Risk Weighted Assets (%) 18.7 17.1 16.1 16.3 14.9 16.66

Problem Loans / (Tangible Common Equity + Loan Loss Reserve) (%) 3.8 4.4 5.6 4.1 3.2 4.25

Net Interest Margin (%) 1.0 1.1 1.2 1.4 1.3 1.25

PPI / Average RWA (%) 1.5 0.9 -0.7 0.7 0.9 0.66

Net Income / Tangible Assets (%) 0.4 0.4 -0.2 0.2 0.3 0.25

Cost / Income Ratio (%) 79.7 88.4 110.7 91.7 89.2 91.95

Market Funds / Tangible Banking Assets (%) 37.8 39.9 43.2 40.0 42.3 40.75

Liquid Banking Assets / Tangible Banking Assets (%) 42.8 46.4 49.2 47.2 49.7 47.15

Gross Loans / Due to Customers (%) 86.0 85.7 88.8 89.8 86.4 87.35

[1] All figures and ratios are adjusted using Moody's standard adjustments. [2] Basel III - fully-loaded or transitional phase-in; US GAAP. [3] May include rounding differences due to scaleof reported amounts. [4] Compound Annual Growth Rate (%) based on time period presented for the latest accounting regime. [5] Simple average of periods presented for the latestaccounting regime. [6] Simple average of Basel III periods presented.Source: Moody's Financial Metrics

ProfileCredit Suisse Group AG is a global banking and financial services group and the holding company of the Switzerland-based bank CreditSuisse AG. It provides private banking, asset and wealth management, and investment banking services to corporate, institutional andgovernment clients, high-net-worth individuals (HNWI) and ultra-high-net-worth individuals (UHNWI) worldwide, as well as affluentand retail clients in Switzerland. As of 31 December 2018, it reported total consolidated assets of CHF769 billion and assets undermanagement of CHF1.35 trillion.

The bank's BCA benefits from its Strong+ Macro ProfileWhilst nearly three-quarters of Credit Suisse's revenues are derived from activities in Switzerland and North America, operatingenvironments to which we assign Very Strong- Macro Profiles, this is partly offset by the bank's sizeable operations in the EuropeanUnion (Strong) and in the Asia Pacific region (Moderate+), which have weaker Macro Profiles. This results in a Strong+ weighted MacroProfile for Credit Suisse.

3 13 March 2019 Credit Suisse Group AG: Update to credit analysis

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Detailed credit considerationsThe group’s integrated business model will continue to rely on a higher share of capital markets businessesWe assign a baa2 Asset Risk score to Credit Suisse AG, six notches below its aa2 initial score. The negative adjustment captures thegroup's higher reliance on and exposure to capital markets activities than many of its large GIB peers2 (Exhibit 3). We believe thatCS's exposure to global investment banking activities will continue to pose risks for creditors due to the volatile revenue profile;the inherent risk-management and risk-governance challenges these businesses present; the opacity of risk taking; the significantmarket, counterparty and operational risks intrinsic to the group's investment banking business; and the confidence-sensitivity of theircustomer and funding franchises.

Exhibit 3

Credit Suisse's investment bank focuses more on fixed incomeCHF million

Advisory 12%

Equity Underwriting7%

Debt Underwriting21%

Fixed Income S&T32%

Equity S&T28%

Sources: Company reports, Moody's Investors Service estimates

Besides capturing some remaining litigation risks inherent in CS's international private banking and wealth management operations,the assigned baa2 Asset Risk score also takes account of the notable success of Credit Suisse's restructuring, de-risking and right-sizing program initially announced in late October 20153. Our Asset Risk score further positively takes account of the group's lowproblem loan ratio and generally sound risk management capabilities. Historically, CS has had a low level of asset risk within its wealthmanagement and Swiss universal banking businesses, as reflected in the group's low problem loan ratio (0.7% as of 30 September2018). However, CS's loan growth targets could add greater asset risks in the non-investment banking units such as its growth ambitionin non-standard securities-based lending in international wealth management (IWM).

Qualitative adjustments capture continued reliance on capital markets activitiesWe generally consider capital markets activities to be both opaque and potentially volatile, posing significant challenges for themanagement of such activities. These structural challenges continue to result in a one-notch negative qualitative adjustment to CS'sBCA in respect of remaining 'Opacity and Complexity', an adjustment shared with all large global investment banks (GIBs) at present.

Improved capital position will be largely maintained, despite regulatory pressuresOur assigned Capital score of aa2, in-line with the group's aa2 initial score, reflects the strengthened capital position and leverageratio as well as our expectation that the bank's generally conservative approach to capital management will help to largely sustain theachieved capital levels and ratios despite regulatory pressures, reducing risks for creditors.

CS reported a BIS fully applied Common Equity Tier 1 (CET1) capital ratio of 12.6% as of the end of the fourth quarter of 2018, virtuallyunchanged from 12.8% in Q4 2017 (Exhibit 4). Retained earnings supported underlying capital and the stabilisation of the CET1 ratiojust above the group's 12.5% target level for year-end 2019, digesting a 5% year-over-year increase in risk-weighted assets (RWAs)mainly owing to business growth and regulatory inflation. CS further reported a slightly improved 4.1% CET1 leverage ratio and a 5.2%Tier 1 leverage ratio as of year-end 2018.

At its December 2018 Investor Day, CS confirmed that it aims to increase returns to shareholders and distribute at least 50% of itsnet income through dividends or share buybacks4 starting in 2019. The remainder of net income generated will be used as a buffer

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for RWAs inflation resulting from anticipated regulatory changes as well as investments into the group's core wealth managementand IBCM businesses, provided market conditions allow. While this distribution strategy constrains an accelerated capital buildup, itallows retaining approximately CHF4-5 billion of core capital over the next two years, thereby building further buffers that could helpto mitigate more volatile market conditions, as well as help to cover regulatory changes and other contingencies.

One of those contingencies is the evolution of the impact of the enactment of the US Tax Cuts and Jobs Act, in particular the newminimum tax regime (so-called BEAT5). As part of its ongoing analysis, CS now anticipates it is more likely than not that it will becomesubject to the BEAT, increasing its US tax liability. With CS staying 'in BEAT' for at least 2019, the group tax rate is expected to arrive ataround 30%, slightly constraining its bottom-line profitability and, thereby, capital-generation capacity.

Exhibit 4

Credit Suisse's CET1 and Tier 1 leverage ratios remained stable at the median of Moody's-rated GIBsCommon equity Tier 1 (CET1) and Tier 1 leverage ratios, as of 31 December 2018

17.0%

14.0%13.6%

13.2% 13.1% 13.1% 12.9% 12.6% 12.3%

11.9% 11.8%11.4% 11.2%

6.5%

5.5%

4.0%

5.1%

6.2%

5.2%

6.4%

5.2%

6.4%6.8%

4.5% 4.3%4.3%

0.0%

3.0%

6.0%

9.0%

12.0%

15.0%

18.0%

MS HSBC DB BCS** GS UBS* JPM CS* C BAC BNP RBC SG

CET1 ratio Tier 1 Leverage ratio Median CET1 ratio (12.9%) Median leverage ratio (5.2%)

Notes: (1) As of December 2018 for all banks except for RBC whose full-year ended in October 2018; (2) Basel III fully phased in advanced approach for all US banks. Citi has only reportedCET1 ratio under the standardized approach which is the binding constraint. The CET1 ratio under the advanced approach shown in the chart is Moody’s estimate; (3) Tier 1 leverage ratiofor US banks is the supplemental leverage ratio (SLR).*UBS and CS leverage ratio reflect Common Equity Tier plus Low Trigger Additional Tier 1 and High-Trigger Additional Tier 1 securities.**Barclays (BCS) leverage is reflective of the spot UK leverage ratio.Sources: Companies' results presentations and financials, Moody's Investors Service

Under Swiss Too-Big-To-Fail (TBTF) requirements, Credit Suisse will need to meet a 3.5% CET1 leverage ratio and 5.0% Tier 1 leverageratio and a corresponding risk-based 10% CET1/RWAs ratio and 14.3% Tier 1/RWAs ratio by year-end 2019. In addition, the groupreceived a rebate on its phase-in gone-concern6 leverage ratio requirements of 0.42% and approximately 1.25% of RWAs of the gone-concern RWAs requirements, as the Swiss regulator acknowledged CS's improved overall recoverability and resolvability.

Moreover, the group's Intermediate Holding Company (IHC) in the US, Credit Suisse Holdings (USA), Inc., was reviewed under theUS Federal Reserve's Comprehensive Capital Analysis and Review (CCAR) process, comprising a confidential review of its capital planin 2017 and on a public basis in 2018. Under the CCAR's adverse and severely adverse scenarios, Credit Suisse Holdings (USA), Inc.displayed a projected minimum CET1 capital ratio of 19.6% and 17.2%, respectively, the highest of all banks subject to the CCARprocess. In addition, the IHC's projected supplementary leverage ratio stood at 7.7% and 6.6% under the CCAR's adverse and severelyadverse scenarios, respectively. These ratios are significantly in excess of the required minimum capital and leverage ratios in CCAR2018 (4.5% for CET1 and 3.0% for supplementary leverage ratio7). We view these results as credit positive.

Relatively weak profitability versus its global investment bank (GIB) peers, but set to improve from 2019 onwardsOur assigned ba1 Profitability score reflects our expectation of continued weakness in profitability, yet already includes our anticipationof the burden from larger one-off charges8 fading. The three-notch positive adjustment from our b1 initial score takes account of CS'simproved underlying profitability in 2018, with a Net Income (NI)/Tangible Assets (TA) ratio of 0.4%, which we expect the bank tobe able to exceed in 20199. In 2019, CS’s profitability is likely to increasingly benefit from the reduced costs of off-loading non-coreassets, lower funding costs as more expensive legacy capital instruments have been redeemed and the near absence of meaningfulrestructuring costs. In particular, CS's SRU will likely no longer be a major strain on the group's profitability (Exhibit 5).

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Exhibit 5

The SRU's drag on earnings will ease further in 2019SRU segment pretax profit development, CHF billion

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

-6

-5

-4

-3

-2

-1

0

1

2

3

4

2013 2014 2015 2016 2017 2018

Total IB PTP ex SRU Total SRU (before: Non-strategic IB) SRU (Non-core) RWAs/Group RWA (right axis)

Sources: Company financials, Moody's Investors Service

We had expected the unwinding of non-core assets and the reduction of capital markets activities to weigh on earnings during the2016-18 implementation period, predominantly arising from the wind-down of the group's SRU. CS forecasts that the segment willproduce a $500 million pre-tax loss during 2019, down significantly from CHF1.85 billion in 2017 and CHF1.4 billion in 2018. As of 31December 2018, the SRU had RWAs of $7 billion (excluding approximately $11 billion related to operational risk RWAs), well exceedingthe management's target to reduce the segment's RWAs (excluding operational risk RWAs) to $11 billion by year-end 2018.

Positive operating leverage continued, but revenue outlook remains uncertainThe fourth quarter of 2018 was the tenth consecutive quarter where CS generated positive operating leverage, underlining the progressit has made in right-sizing the bank since it announced its restructuring program in late 2015 (Exhibit 6).

At group level, CS's adjusted revenues fell 8% year-over-year during the quarter, largely driven by lower revenues in the group's capitalmarkets businesses10. This revenue weakness was compensated for by solid revenues from CS's stable businesses11; and further offsetby a 16% reduction in total operating expenses. At divisional level, Asia Pacific (APAC) suffered revenue declines of 24% year-over-year(driven by both Wealth Management & Connected and APAC Markets), which could only be partially offset by an 11% decline in costs.Against a weak revenue performance (-17%), Global Markets’ operating expenses declined 16% year-over-year, but were not sufficientto avoid yet another (albeit relatively small) pretax loss for the segment. All other segments were able to continue displaying a positiveoperating leverage.

For the full-year, adjusted operating expenses stood at CHF16.4 billion, well below the group's CHF17 billion target. The group’ssignificantly reduced operating expense base has therefore effectively lowered the break-even point for CS, and has made it moreresilient to external market pressure, a credit positive. In 2019, CS expects costs to remain flat year-over-year at between CHF16.4billion and CHF17.0 billion. If Credit Suisse achieved its strategic plan and medium-term earnings targets on a sustainable basis, theimproved loss-absorption capacity would be positive for its creditors.

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Exhibit 6

Lowest quarterly operating cost base supported profitabilityAdjusted operating expenses, CHF billion

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Q1 Q2 Q3 Q4

2014 2015 2016 2017 2018

Note: CS total adjusted operating expenses, excluding restructuring and litigation expensesSources: Company financials, Moody's Investors Service

Despite the visible progress in maintaining its positive operating leverage in a challenging quarter, we continue to believe it will becomemore difficult for the group to maintain a sizeable positive revenue-cost gap in the medium-term against a more challenging marketbackdrop, in particular as CS’s capital markets businesses remain geared towards global fixed income as well as emerging marketactivities.

In particular, and while Credit Suisse was very successful in taking out costs, it also faced declining revenues in its remaining capitalmarkets businesses since it initiated its restructuring program (Exhibit 7). Those revenue declines have been most pronounced in CS'sequity sales and trading franchises in both Asia Pacific and Global Markets, increasing the relative exposure of fixed income-relatedrevenues further, an area where industrywide fee pools were shrinking. The forgone activity dragged on group revenue, exacerbated bydeclining customer activity and the aforementioned lower industrywide fee pools. CS will therefore have to continue controlling costsaround the 2019 target level of between CHF16.4 billion and CHF17.0 billion to be able to benefit from sustained operating leverage ifand when revenues recover post restructuring.

Exhibit 7

Credit Suisse will need to boost revenues to sustain positive operating leverage

40

50

60

70

80

90

100

110

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Operating income (indexed, 2009 = 100) Operating expenses (indexed, 2009 = 100)

Sources: Company reports, Moody's Investors Service

In addition, external factors beyond management's direct control could still derail or delay success, specifically in light of potentialadditional litigation charges. Credit Suisse held a total litigation reserve of CHF749 million as of year-end 2017, significantly lower thanthe previous year's CHF3.8 billion. The decline largely related to the US RMBS settlement with the DOJ and the National Credit UnionAdministration Board (NCUA) earlier in 2017, with total charges of CHF2.4 billion.

7 13 March 2019 Credit Suisse Group AG: Update to credit analysis

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Significant wholesale funding reliance mitigated by sound liquidity positionOur assigned ba2 Funding Structure score is in-line with the group's initial score and takes account of the group's high reliance onconfidence-sensitive wholesale funding sources. Market funding reliance fluctuated around 40% of tangible banking assets over thepast years, also because Credit Suisse has sought to reach early compliance with the TBTF requirements and thus has issued more ofits TLAC debt earlier. We expect Credit Suisse to meet gone-concern TBTF requirements12 primarily with senior holding company debtand that this will only partially replace maturing senior operating (bank) company debt and legacy capital instruments. We thereforeanticipate Credit Suisse to be a net negative issuer over the next two to three years and, as a result, we expect our Market Funding ratioto be maintained at just under 40% over time, in-line with a ba2 Funding Structure score.

Our aa3 Liquid Resources score has also been assigned at the initial score level and reflects Credit Suisse's sound liquidity positionas reflected in the group's Basel III Liquidity Coverage Ratio (LCR). CS reported an LCR of 184% in Q4 2018, virtually unchangedfrom the prior-year quarter (185%). The ratio reflects the group's sound liquidity profile, and is further reflective of CS's conservativemanagement of liquidity across its various branches and subsidiaries. The group's total loss-absorbing capacity (TLAC) rose to CHF84billion as of the end of the fourth quarter, up from CHF82 billion the year prior. At the same time, leverage exposures decreased toCHF881 billion from CHF917 billion, underpinning the group's progress in de-risking the bank further during 2018.

We expect Credit Suisse to hold slightly lower liquidity going forward, depending on the development of local regulatory requirementsas well as CS's liquidity strategy that is geared towards maintaining a solid buffer over and above the combined entities' requirements.These requirements at unconsolidated entity level are meaningfully above the group's consolidated regulatory requirement, leading toan LCR well in excess of the 100% minimum.

Support and structural considerationsLoss Given Failure (LGF) analysisCredit Suisse AG and Credit Suisse Group AG are subject to the Swiss bank resolution framework, which we consider to be anOperational Resolution Regime. We therefore apply our Advanced LGF analysis, assuming residual tangible common equity of 3% andpost-failure losses of 8% of tangible banking assets, a 25% run-off in junior wholesale deposits and a 5% run-off in preferred deposits.We further assign a 100% probability to deposits being preferred to senior unsecured debt, thereby reflecting depositor preference bylaw in Switzerland.

For Credit Suisse AG's junior deposits and senior unsecured debt, our Advanced LGF analysis indicates an extremely low loss-given-failure, resulting in three notches of rating uplift from the bank's baa2 Adjusted BCA, prior to government support. This is becauseof the substantial volume of deposits and the significant amount of bank-level senior unsecured debt outstanding, supported by thehigh volume of subordinated debt classes, namely senior unsecured and subordinated debt at the holding company level, protectingdepositors and senior unsecured debt holders. In the unlikely event of failure or resolution, this would allow for losses to be spreadacross a larger volume of creditors, lowering the severity of loss for individual senior bank depositors or debt holders.

The Baa2 rating for senior unsecured debt issued by or guaranteed by Credit Suisse Group AG is in-line with the bank-level baa2 BCA,reflecting our view that such obligations are likely to face a moderate loss-given-failure, resulting in no additional rating uplift as aresult of our LGF analysis. In response to recent regulatory changes, including most notably, the Swiss TBTF capital requirements andthe Financial Stability Board's Total Loss Absorbing Capital (TLAC) rules, Credit Suisse has issued a significant volume of long-termholding company debt which will provide a larger buffer to absorb losses in resolution.

For junior securities issued or guaranteed by Credit Suisse AG or Credit Suisse Group AG, our LGF analysis indicates a high loss-given-failure, given the small volume of debt and limited protection from more subordinated instruments and residual equity. We incorporateadditional notching for junior subordinated and preference share instruments reflecting the risk of coupon suspension and distressedexchange prior to a potential resolution.

Government support considerationsSwiss authorities have implemented13 a credible and flexible bank resolution framework that includes provisions for burden-sharingwith senior creditors. We therefore believe there is a 'Low' probability of government support for parent holding company debt issued(or guaranteed) by Credit Suisse Group AG. This reflects the resolution objectives of Swiss authorities, who have espoused single point

8 13 March 2019 Credit Suisse Group AG: Update to credit analysis

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of entry (SPE) resolution as their preferred strategy, exposing holding company creditors to loss in order to shield the bank's own seniorcreditors and depositors.

The deposit and senior debt ratings for Credit Suisse AG and its branches benefit from one notch of government support uplift,reflecting our view that there remains a 'Moderate' probability of government support for those rating classes at the operatingcompany level.

For junior securities issued or guaranteed by Credit Suisse AG or Credit Suisse Group AG, the potential for government support is 'Low'and the ratings on those securities do not include any related uplift.

Counterparty Risk Ratings (CRRs)Our CRRs are opinions of the ability of entities to honour the uncollateralised portion of non-debt counterparty financial liabilities(CRR liabilities) and also reflect the expected financial losses in the event such liabilities are not honoured. Examples of CRR liabilitiesinclude the uncollateralised portion of payables arising from derivatives transactions and the uncollateralised portion of liabilitiesunder sale and repurchase agreements. CRRs are not applicable to funding commitments or other obligations associated with coveredbonds, letters of credit, guarantees, servicer and trustee obligations, and other similar obligations that arise from a bank performing itsessential operating functions.

Credit Suisse's CRR is positioned at A1/P-1.The bank's CRR is positioned four notches notches above the baa2 Adjusted BCA, based on (1) the very high buffer against defaultprovided by subordinated instruments to the more senior CRR liabilities; and (2) one additional notch of government support upliftassuming a 'Moderate' level of support.

Counterparty Risk Assessment (CR Assessment)Our CR Assessment is an opinion of how counterparty obligations are likely to be treated if a bank fails and is distinct from debt anddeposit ratings in that it (1) considers only the risk of default rather than both the likelihood of default and the expected financial losssuffered in the event of default; and (2) applies to counterparty obligations and contractual commitments rather than debt or depositinstruments. The CR Assessment is an opinion of the counterparty risk related to a bank's covered bonds, contractual performanceobligations (servicing), derivatives (e.g., swaps), letters of credit, guarantees and liquidity facilities.

Because the CR Assessment captures the probability of default on certain senior operational obligations, rather than expected loss, wefocus purely on subordination and take no account of the volume of the instrument class.

Credit Suisse's CR Assessment is positioned at A1(cr)/P-1(cr).The bank's CR Assessment is positioned four notches above the baa2 Adjusted BCA, based on (1) the buffer against default provided bymore subordinated instruments, primarily senior unsecured debt, to the senior obligations represented by the CR Assessment; and (2)government support uplift assuming a 'Moderate' level of support.

Methodology and scorecardMethodologyThe principal methodology we use in rating Credit Suisse is Banks, published in August 2018.

About Moody's Bank ScorecardOur Bank Scorecard is designed to capture, express and explain in summary form our Rating Committee's judgment. When read inconjunction with our research, a fulsome presentation of our judgment is expressed. As a result, the output of our scorecard may materiallydiffer from that suggested by raw data alone (though it has been calibrated to avoid the frequent need for strong divergence). Thescorecard output and the individual scores are discussed in rating committees and may be adjusted up or down to reflect conditionsspecific to each rated entity.

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Rating methodology and scorecard factors

Exhibit 8

Credit Suisse Group AGMacro FactorsWeighted Macro Profile Strong + 100%

Factor HistoricRatio

InitialScore

ExpectedTrend

Assigned Score Key driver #1 Key driver #2

SolvencyAsset RiskProblem Loans / Gross Loans 0.8% aa2 ↓ baa2 Market risk Operational risk

CapitalTCE / RWA 18.7% aa2 ← → aa2 Expected trend

ProfitabilityNet Income / Tangible Assets 0.2% b1 ↓ ba1 Expected trend Earnings quality

Combined Solvency Score a2 a3LiquidityFunding StructureMarket Funds / Tangible Banking Assets 39.9% ba2 ← → ba2 Expected trend Market funding quality

Liquid ResourcesLiquid Banking Assets / Tangible Banking Assets 46.4% aa3 ← → aa3 Stock of liquid assets

Combined Liquidity Score baa2 baa2Financial Profile baa1

Business Diversification 0Opacity and Complexity -1Corporate Behavior 0

Total Qualitative Adjustments -1Sovereign or Affiliate constraint: AaaScorecard Calculated BCA range baa1-baa3Assigned BCA baa2Affiliate Support notching 0Adjusted BCA baa2

Balance Sheet in-scope(CHF million)

% in-scope at-failure(CHF million)

% at-failure

Other liabilities 270,237 35.6% 304,101 40.1%Deposits 332,000 43.7% 298,136 39.3%

Preferred deposits 245,680 32.4% 233,396 30.7%Junior Deposits 86,320 11.4% 64,740 8.5%

Senior unsecured bank debt 85,168 11.2% 85,168 11.2%Dated subordinated bank debt 5,965 0.8% 5,965 0.8%Junior subordinated bank debt 2,972 0.4% 2,972 0.4%Senior unsecured holding company debt 35,131 4.6% 35,131 4.6%Dated subordinated holding company debt 186 186Junior subordinated holding company debt 4,662 0.6% 4,662 0.6%Equity 22,773 3.0% 22,773 3.0%Total Tangible Banking Assets 759,094 100% 759,094 100%

10 13 March 2019 Credit Suisse Group AG: Update to credit analysis

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De Jure waterfall De Facto waterfall NotchingDebt classInstrumentvolume +

subordination

Sub-ordination

Instrumentvolume +

subordination

Sub-ordination

De Jure De FactoLGF

NotchingGuidance

vs.Adjusted

BCA

AssignedLGF

notching

Additionalnotching

PreliminaryRating

Assessment

Counterparty Risk Rating 20.7% 20.7% 20.7% 20.7% 3 3 3 3 0 a2Counterparty Risk Assessment 20.7% 20.7% 20.7% 20.7% 3 3 3 3 0 a2 (cr)Deposits 29.2% 20.7% 29.2% 20.7% 3 3 3 3 0 a2Senior unsecured bank debt 20.7% 9.4% 20.7% 9.4% 3 3 3 3 0 a2Senior unsecured holding company debt 9.4% 4.8% 9.4% 4.8% 0 0 0 0 0 baa2Dated subordinated bank debt 4.8% 4.0% 4.8% 4.0% -1 -1 -1 -1 0 baa3Dated subordinated holding companydebt

4.8% 4.0% 4.8% 4.0% -1 -1 -1 -1 0 baa3

Holding company non-cumulativepreference shares

3.0% 3.0% 3.0% 3.0% -1 -1 -1 -1 -2 ba2 (hyb)

Instrument class Loss GivenFailure notching

AdditionalNotching

Preliminary RatingAssessment

GovernmentSupport notching

Local CurrencyRating

ForeignCurrency

RatingCounterparty Risk Rating 3 0 a2 1 A1 A1Counterparty Risk Assessment 3 0 a2 (cr) 1 A1 (cr) --Deposits 3 0 a2 1 A1 A1Senior unsecured bank debt 3 0 a2 1 A1 A1Senior unsecured holding company debt 0 0 baa2 0 -- Baa2Dated subordinated bank debt -1 0 baa3 0 Baa3 (P)Baa3Dated subordinated holding companydebt

-1 0 baa3 0 -- (P)Baa3

Holding company non-cumulativepreference shares

-1 -2 ba2 (hyb) 0 Ba2 (hyb) Ba2 (hyb)

[1] Where dashes are shown for a particular factor (or sub-factor), the score is based on non-public information.Source: Moody's Financial Metrics

Ratings

Exhibit 9Category Moody's RatingCREDIT SUISSE GROUP AG

Outlook StableSenior Unsecured Baa2Subordinate Shelf (P)Baa3Pref. Stock Non-cumulative Ba2 (hyb)

DLJ CAYMAN ISLANDS LDC

Bkd Senior Unsecured A1CREDIT SUISSE AG (SYDNEY) BRANCH

Outlook StableCounterparty Risk Rating A1/P-1Deposit Note/CD Program --/P-1Counterparty Risk Assessment A1(cr)/P-1(cr)Senior Unsecured -Dom Curr A1Commercial Paper P-1

CREDIT SUISSE AG

Outlook StableCounterparty Risk Rating A1/P-1Bank Deposits A1/P-1Baseline Credit Assessment baa2Adjusted Baseline Credit Assessment baa2Counterparty Risk Assessment A1(cr)/P-1(cr)Issuer Rating A1Senior Unsecured A1

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Subordinate -Dom Curr Baa3Commercial Paper P-1Other Short Term (P)P-1

CREDIT SUISSE GROUP FUNDING (GUERNSEY) LTD

Outlook StableBkd Senior Unsecured Baa2

CREDIT SUISSE INTERNATIONAL

Outlook StableCounterparty Risk Rating A1/P-1Bkd Bank Deposits A1/P-1Counterparty Risk Assessment A1(cr)/P-1(cr)Issuer Rating A1Bkd Sr Unsec Shelf (P)A1

CREDIT SUISSE AG (GUERNSEY) BRANCH

Outlook StableCounterparty Risk Rating A1/P-1Counterparty Risk Assessment A1(cr)/P-1(cr)Senior Unsecured A1Other Short Term (P)P-1

CREDIT SUISSE AG (NASSAU) BRANCH

Outlook StableCounterparty Risk Rating A1/P-1Counterparty Risk Assessment A1(cr)/P-1(cr)Senior Unsecured A1Subordinate MTN (P)Baa3Other Short Term (P)P-1

CREDIT SUISSE AG (TOKYO) BRANCH

Outlook StableCounterparty Risk Rating A1/P-1Counterparty Risk Assessment A1(cr)/P-1(cr)Senior Unsecured -Dom Curr A1

CREDIT SUISSE (USA) INC.

Outlook StableBkd Senior Unsecured A1

CREDIT SUISSE GROUP FINANCE (GUERNSEY) LTD.

Outlook StableBkd Senior Unsecured Baa2

CREDIT SUISSE GROUP FINANCE (US) INC.

Bkd Subordinate Baa3CREDIT SUISSE AG (LONDON) BRANCH

Outlook StableCounterparty Risk Rating A1/P-1Bank Deposits A1/--Counterparty Risk Assessment A1(cr)/P-1(cr)Senior Unsecured A1Subordinate Baa3Other Short Term (P)P-1

Source: Moody's Investors Service

Endnotes1 Credit Suisse bundled its non-core assets in its Strategic Resolution Unit (SRU), which is expected to be folded back into the businesses in late 2018.

2 We estimate that, post restructuring, the capital markets business segments spread across the GM, IBCM, APAC and SUB IB segments will account foraround 30% of the group's pre-tax profits, 40% of total risk-weighted assets and 50% of the group's leverage exposure (GM = Global Markets; IBCM =Investment Banking and Capital Markets; APAC = Asia Pacific; SUB IB = Swiss Universal Bank - Investment Bank).

3 In October 2015, Credit Suisse announced (and later accelerated) a restructuring of its Investment Bank (IB) operations, including: (1) the scaling back ofseveral businesses, most notably in Macro and European structured products; (2) the transfer of businesses to be exited/wound-down, including the legacyIB Non-Strategic Unit, to a separate Strategic Resolution Unit (SRU); (3) the combination of the Asia Pacific IB business with the bank's Asia Pacific PrivateBanking & Wealth Management business into a separate regionally focused Asia Pacific business segment; and (4) the division of the remaining global IBbusinesses into two separate business segments - Global Markets (GM) and Investment Banking and Capital Markets (IBCM). During the restructuring, in

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2018, Credit Suisse reduced two of its divisional pre-tax profit targets, particularly in its Asia Pacific investment banking operations and, to a lesser extent,in International Wealth Management (IWM). At the same time, management revised upwards (and delivered on) its cost takeout ambitions.

4 CS announced a CHF1.5 billion share buyback program for 2019, of which it aims to execute at least CHF1.0 billion. Management aims to maintain thisinto2020, subject to market conditions and regulatory approvals.

5 BEAT = Base erosion and anti-abuse tax, which targets US businesses benefiting from deductible payments made to non-US related parties.

6 Gone concern requirements are 5.0% of leverage exposures and 14.3% of RWAs, subject to a maximum reduction in requirements from rebates of 2.0% ofleverage exposures and 5.7% of RWAs. Under a maximum rebate, gone concern requirements would be 3.0% of leverage exposures and 8.6% of RWAs.

7 Under US Total Loss Absorbing Capacity (TLAC) requirements, and effective 1 January 2019, the IHC is required to meet a minimum TLAC requirementcomprising the greater of 16% RWAs, 6% percent total supplementary leverage exposure and 8% of average total consolidated assets less certain capitaldeductions. Within this TLAC requirement, the proportion of long-term debt must meet the greater of 6% RWAs, 2.5% total supplementary leverageexposure and 3.5% of average total consolidated assets less certain capital deductions. Additionally, the long-term debt and TLAC requirements will needto be met by internally issued capital and debt from the IHC to its foreign parent (Credit Suisse AG) instead of by externally issued capital and debt.

8 These charges include, but may not be limited to, costs from the wind-down or exit of businesses no longer considered strategic as well as other 'costs-to-achieve'.

9 CS aims to generate a net return on tangible equity of approximately 10% in 2019 and 10%-11% in 2020, equivalent to a cumulative net profit of CHF9-CHF10 billion, up from a reported net profit of CHF2.1 billion in 2018.

10 Including Asia Pacific Markets, Global Markets and Investment Banking & Capital Markets.

11 These are the Swiss Universal Bank, International Wealth Management and Asia Pacific Wealth Management & Connected.

12 For further information, please see “Credit Suisse and UBS: Swiss TLAC Regulation Drives Issuance of Loss-Absorbing Debt, Increasing Protection for SeniorCreditors”

13 These steps, including the ongoing efforts towards making the largest Swiss banks, including Credit Suisse, resolvable by establishing holding companystructures and creating a Swiss banking subsidiary, are important steps in overcoming the main obstacles to their resolvability; namely their global reachand high interconnection with other parts of the financial system.

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