Fitch Ratings affirmed its ‘AAA’ rating, with a stable outlook, on legacy international covered bonds issued by UBS AG, according to a statement released September 9, 2025. The rating applies to the bank’s legacy international mortgage covered bonds.
The affirmation follows a separate action on October 6, 2025, where Fitch confirmed that updates to UBS Switzerland AG’s legacy Swiss covered bond program would not impact existing ratings. This included revisions to the program terms.
In a related move, Fitch as well revised UBS Group’s outlook to positive although affirming its long-term Issuer Default Rating (IDR) at ‘A+’. This revision, announced alongside the covered bond affirmations, suggests a strengthening financial profile for the broader UBS Group.
UBS has been utilizing covered bond issuance, particularly through UBS Switzerland, to bolster its holdings of central bank eligible assets, as noted in a June 16, 2025, Fitch report. The report highlighted a previous shortfall in these assets.
As of December 31, 2025, UBS AG held an ‘A+’ rating from Fitch as both the issuer and servicer of its covered bonds, with the calculation agent also receiving an ‘A+’ rating. Details of the amount outstanding and the calculation methodology related to the covered bonds are included in the December 2025 investor report.
