FINANCIAL INSTITUTIONS

CREDIT OPINION9 April 2018

Update

RATINGS

Credit Suisse Group AGDomicile Zurich, Switzerland

Long Term Debt Baa2

Type Senior Unsecured - FgnCurr

Outlook Stable

Long Term Deposit Not Assigned

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

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

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

Laurie Mayers +44.20.7772.5582Associate ManagingDirectorlaurie.mayers@moodys.com

Ana Arsov +1.212.553.3763MD-FinancialInstitutionsana.arsov@moodys.com

Credit Suisse Group AGUpdate following rating affirmation

SummaryWe recently affirmed the Baa2 senior unsecured debt rating of Credit Suisse Group AG (CS)and the A1/P-1 senior unsecured debt and deposit ratings of its principal bank subsidiary,Credit Suisse AG, with a stable outlook. We also affirmed Credit Suisse AG’s baa2 BCA1 andits A1(cr)/P-1(cr) Counterparty Risk (CR) Assessment.

Credit Suisse AG’s baa2 BCA remains constrained by the group's comparatively higherdependence on transaction-driven capital market revenues compared with many of itsclosest global investment banking peers. While execution challenges from its three-yearrestructuring program – which commenced in late 2015 – are easing, CS's profitability willface continued pressure during 2018, largely resulting from the disposal of remaining non-core assets held in its Strategic Resolution Unit (SRU). From 2019 onward, however, weanticipate profitability to meaningfully benefit from the reduced costs of off-loading non-core assets, as well as lower funding and restructuring costs.

The baa2 BCA remains supported by the strong progress CS has made in reducing tail risksto earnings and capital from outstanding legacy litigation issues, in particular following theUS RMBS settlement in 2017. Its credit profile is further supported by the stable earnings andlower risk profile of the bank's large global wealth management franchise and well-positioneddomestic Swiss banking franchise producing a higher share of recurring revenues as well as itssound liquidity position. We also expect the bank to largely maintain its strengthened capitalposition, despite ongoing regulatory pressures and higher payout ratios.

Exhibit 1

Rating Scorecard Credit Suisse Group AG - Key Financial Ratios

0.8%

17.1%

0.1%

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%

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, and only set to improve more significantly from 2019onwards

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

» Historically volatile earnings profile

» Confidence-sensitive customer base and significant 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 outlook further takes account of progress made thus far in implementing the group's evolving strategy and we expect executionto continue, supporting the group's earnings stability and - over time - improving its currently sub-par profitability metrics.

Factors that could lead to an upgrade

» Upward pressure on CS's ratings could arise if the group were to successfully achieve a substantial and sustainable improvement inprofitability, coupled with a meaningful further reduction of its risk profile and a significantly reduced reliance on earnings from itscapital market 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 failed to successfully execute the planned changes to its business model, or were to sufferfrom a significant control or risk management failure, or materially increase 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 9 April 2018 Credit Suisse Group AG: Update following rating affirmation

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Key indicators

Exhibit 2

Credit Suisse Group AG (Consolidated Financials) [1]12-172 12-162 12-152 12-142 12-132 CAGR/Avg.3

Total Assets (CHF billion) 791 814 814 913 863 -2.14

Total Assets (EUR billion) 676 759 748 759 704 -1.04

Total Assets (USD billion) 812 800 813 919 970 -4.44

Tangible Common Equity (CHF billion) 47 43 47 43 40 3.94

Tangible Common Equity (EUR billion) 40 40 44 35 33 5.14

Tangible Common Equity (USD billion) 48 43 47 43 45 1.64

Problem Loans / Gross Loans (%) 0.8 0.9 0.7 0.5 0.6 0.75

Tangible Common Equity / Risk Weighted Assets (%) 17.1 16.1 16.3 14.9 15.0 15.96

Problem Loans / (Tangible Common Equity + Loan Loss Reserve) (%) 4.4 5.6 4.1 3.2 3.6 4.25

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

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

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

Cost / Income Ratio (%) 88.4 110.7 91.7 89.2 82.5 92.55

Market Funds / Tangible Banking Assets (%) 39.9 43.2 40.0 42.3 40.1 41.15

Liquid Banking Assets / Tangible Banking Assets (%) 46.4 49.2 47.2 49.7 50.4 48.65

Gross Loans / Due to Customers (%) 85.7 88.8 89.8 86.4 83.6 86.85

[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 presentedSource: 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 (UHNWI) worldwide, as well as affluent and retailclients in Switzerland. As of 31 December 2017, it reported total consolidated assets of CHF796 billion and total client assets of CHF1.7trillion.

Detailed credit considerationsLarge global investment banking activities constrain creditworthiness despite recent right-sizing; and growth ambitionspose execution risksWe assign a baa2 Asset Risk score to Credit Suisse AG, six notches below its aa2 Macro-Adjusted score. The negative adjustmentcaptures the group's higher reliance on and exposure to capital markets activities than many of its large GIB peers. We estimate that,post restructuring, the capital markets business segments spread across the GM, IBCM, APAC and SUB IB segments2 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. We believethat CS'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, and the confidence-sensitivity of their customer and funding franchises.

The assigned baa2 Asset Risk score also takes account of the notable success of Credit Suisse's restructuring, de-risking and right-sizingprogram initially announced in late October 20153. However, and while execution challenges are easing in CS's final restructuring year2018, its profitability will face continued pressure from the disposal of remaining non-core assets held in its Strategic Resolution Unit(SRU) and restructuring charges. At the same time, we believe that CS has made strong progress in reducing tail risks to earnings andcapital from outstanding legacy litigation issues, in particular following the US RMBS settlement in 2017.

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 forecasted for in

3 9 April 2018 Credit Suisse Group AG: Update following rating affirmation

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2018. As of year-end 2017, the SRU had risk-weighted assets (RWA) of $34 billion (of which $20 billion was related to operational riskRWA) and management is targeting to reduce the SRU to $30 billion in RWA by end-2018.

Exhibit 3

Strategic Resolution Unit (SRU) winddown is largely complete

28%27%

25%

17%

12%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0

20

40

60

80

100

120

2013 2014 2015 2016 2017

CH

F b

illio

n

SRU RWAs* SRU (Non-core) RWAs/Group RWA (right axis)

Source: Company reports

When CS reported 9M 2017 results, management has also indicated that the costs associated with the SRU's disposals so far have beenan approximate 1.2% of RWA whereas the most recent reductions indicate that future disposal costs will likely move towards the high-end of the guided disposal cost range of approximately 3% of RWA.

Besides capturing (1) the significant market, counterparty and operational risks intrinsic to the group's investment banking business;(2) CS's high share of capital markets related activities; as well as (3) litigation risks inherent in CS's international private banking andwealth management operations, our assigned baa2 Asset Risk score positively takes account of the group's low problem loan ratio andgenerally sound risk management capabilities. Historically, CS has had a low level of asset risk within its wealth management and Swissuniversal banking businesses, as reflected in the group's low problem loan ratio (0.8% as of year-end 2017). However, CS's loan growthtargets could add greater asset risks in the non-investment banking units such as its growth ambition in non-standard securities-basedlending in international wealth management (IWM).

Because we consider capital markets activities to be both opaque and potentially volatile, posing significant challenges for themanagement of such firms, this structural weakness results in a one-notch negative qualitative adjustment to Credit Suisse AG's BCA inrespect of opacity and complexity, an adjustment shared with all large global investment banks.

Capital ratio restored; and leverage requirement will benefit from rebatesOur assigned Capital score of aa2, in-line with the group's aa2 Macro-Adjusted score, reflects the strengthened capital position andleverage ratio and our expectation that a more conservative approach to capital management will help to largely sustain the achievedcapital levels and ratios, reducing risks for creditors.

CS reported a BIS fully-applied common equity Tier 1 (CET1) capital ratio of 12.8% as of 31 December 2017, down from 13.2% in Q32017. The decline was largely owing to an increase in operational risk RWA, while the CHF2.3 billion one-time charge related to therevaluation of certain US net deferred tax assets had no material impact on CS's CET1 capital ratio. CS further reported a 3.8% CET1leverage ratio and a 5.2% Tier 1 leverage ratio on a fully applied basis.

As part of its current analysis on the impact of the enactment of the Tax Cuts and Jobs Act, in particular the new minimum tax regime(so-called BEAT4), CS anticipates it may not become subject to the BEAT, lowering its US tax liability. If CS stays 'off BEAT', the grouptax rate is expected to fall by approximately five percentage points towards 30% in 2018 and to below 25% in 2019, supporting itsbottom-line profitability.

4 9 April 2018 Credit Suisse Group AG: Update following rating affirmation

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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 2017

16.9%

14.5%13.8% 13.8%

13.0%12.8% 12.7%

12.3% 11.7% 11.5% 11.3%10.9% 10.7%

6.4%5.6%

4.7%

3.8%

4.5%5.2%

6.5% 6.7%

4.6%

6.9%

4.3% 4.4%

5.8%

0%

3%

6%

9%

12%

15%

18%

MS HSBC UBS* DB*** BCS*** CS* JPM Citi BNP*** BoA SG*** RBC** GS

CET1 ratio Tier 1 Leverage ratio Median CET1 ratio (12.7%) Median Tier 1 leverage ratio (5.2%)

Notes: *UBS and CS leverage ratios reflect group-level Common Equity Tier 1 plus Low Trigger Additional Tier 1 and High-Trigger Additional Tier 1 securities; **RBC figures as of 31 October2017; ***For DB, the ratio includes the January 2018 impact of full IFRS 9 implementation and irrevocable payment commitments of 20 bps; for BNP this was 10 bps; for SG 15 bps and forBarclays (BCS) 34 bps.Sources: Company results presentations and financials, Moody's Investors Service

We include high-trigger capital instruments in our calculation of tangible common equity (TCE) but exclude all other hybridinstruments5. Credit Suisse's TCE/RWA ratio improved to 17.1% of of 31 December 2017, up 100 basis points from the end-2016 levelfollowing the 2017 capital raise. We expect the CS's stronger capital position to be largely sustained in light of the Swiss Too-Big-To-Fail (TBTF) requirements which will be fully phased-in by end-2019, reflective of the group's efforts to reduce non-strategic RWA beingbalanced by the need to accrete capital in light of anticipated RWA inflation from the upcoming implementation of stricter Basel IIIstandards.

Under Swiss TBTF requirements, Credit Suisse will need to meet a 3.5% CET1 leverage ratio and 5.0% Tier 1 leverage ratio and acorresponding risk-based 10% CET1 RWA ratio and 14.3% Tier 1 RWA ratio by end-2019. Following the capital raise, Credit Suisseis in early compliance with these requirements. In addition, the group received a rebate on its phase-in gone-concern6 leverageratio requirements of 0.28% and approximately 0.87% of RWA of the gone-concern RWA requirements, as the Swiss regulatoracknowledged CS's improved overall recoverability and resolvability. We see the stronger capital buffers as an important protection forcreditors during the implementation of the group's new strategic plan.

5 9 April 2018 Credit Suisse Group AG: Update following rating affirmation

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Profitability will lift off significantly….starting in 2019Our assigned ba1 Profitability score reflects our expectation of continued weakness in profitability, yet already includes our anticipationof the burden from larger one-off charges7 fading. As such, the five-notch positive adjustment from our b3 Macro-Adjusted score takesaccount of CS's improved underlying profitability in 2017, with a Net Income (NI)/Tangible Assets (TA) ratio of 0.4%, which we expectthe bank to be able to repeat in 2018.

Exhibit 5

Pre-tax profits remain suppressed by costs of dissolving non-core assets and weak capital market activitiesCredit Suisse's adjusted pre-tax profit by segment, CHF billion

-1,000

-500

0

500

1,000

1,500

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

CH

F m

illio

n

SUB IWM APAC GM IBCM SRU CC Total pretax profit

SUB: Swiss Universal Bank, IWM: International Wealth Management, APAC: Asia Pacific, IBCM: Investment Banking and Capital Markets, SRU: Strategic Resolution Unit, CC: CorporateCenterSource: Company financial reporting, Moody’s Investor's Service

From 2019 onward, we anticipate CS’s profitability to increasingly benefit from the reduced costs of off-loading non-core assets, lowerfunding costs as more expensive legacy capital instruments are redeemed and the near absence of meaningful restructuring costs. Inparticular, CS's SRU will likely no longer be a major strain on the group's profitability; and the unit is forecasted to only produce a $500million pre-tax loss in 2019.

Exhibit 6

The SRU's drag on earnings will ease from 2019 onwards

-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

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

Source: Company reports

Nevertheless, and owing to the uncertain outlook on revenues, we believe it will become more difficult maintaining a sizeablepositive absolute gap between revenue and cost developments, despite the visible success of CS's large-scale restructuring and capitalreallocation program. CS's adjusted operating expenses declined 6% year-over-year, bringing the total net cost savings to CHF1.4billion in 2017, above its CHF0.9 billion full-year net cost reduction target. The cost reduction, together with a 5% increase in adjustedoperating income supported the increase in underlying adjusted pre-tax profits to CHF2.8 billion in 2017, from CHF615 million in 2016.

6 9 April 2018 Credit Suisse Group AG: Update following rating affirmation

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However, on a quarter-on-quarter basis at group level, adjusted operating expenses increased 7% while revenues only increased 5%,indicating that further cost reductions will remain key to meet communicated medium-term targets.

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. Those revenue declines have been most pronounced in CS's equitysales and trading franchises in both Asia Pacific and Global Markets, increasing the relative exposure of fixed income-related revenuesfurther, an area where industrywide fee pools were shrinking.

Exhibit 7

Credit Suisse's investment bank focuses more on fixed income, where fee pools are shrinkingCHF million

Advisory 9%

Equity Underwriting8%

Debt Underwriting20%

Fixed Income Sales & Trading35%

Equity Sales & Trading28%

Sources: Company reports, Moody's Investors Service

The exit and trimming of non-strategic IB businesses substantially reduced CS's underlying cost base, but the forgone activity draggedon group revenue, exacerbated by declining customer activity and the aforementioned lower industrywide fee pools. CS will thereforehave to continue controlling costs around the CHF17 billion target level this year and beyond to be able to benefit from some operatingleverage as revenues may recover post restructuring.

Exhibit 8

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

0

20

40

60

80

100

120

2009 2010 2011 2012 2013 2014 2015 2016 2017

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

Sources: Company reports, Moody's Investors Service

If Credit Suisse achieves its strategic plan's earnings targets on a sustainable basis, and if it manages to maintain a positive operatingleverage over the coming years, the improved profitability would be positive for creditors. Any Brexit-related revenue impacts or costsassociated with reconfiguring the business are also not expected to materially affect Credit Suisse’s profitability metrics.

External factors beyond management's direct control could still derail or delay success, specifically in light of potential additionallitigation charges. Credit Suisse held a total litigation reserve of CHF749 million as of year-end 2017, significantly lower than the

7 9 April 2018 Credit Suisse Group AG: Update following rating affirmation

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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.

Significant wholesale funding reliance mitigated by sound liquidity positionOur assigned ba2 Funding Structure score is in-line with the group's Macro-Adjusted score and takes account of the group's highreliance on confidence-sensitive wholesale funding sources. Market funding reliance fluctuated around 40% of tangible bankingassets over the past years, also because Credit Suisse has sought to reach early compliance with the TBTF requirements and thus hasissued more of its TLAC debt earlier. We expect Credit Suisse to meet gone-concern TBTF requirements8 primarily with senior holdingcompany debt and that this will only partially replace maturing senior operating (bank) company debt and legacy capital instruments.We therefore anticipate Credit Suisse to be a net negative issuer over the next two to three years and, as a result, we expect our MarketFunding ratio to 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 Macro-Adjusted level and reflects Credit Suisse's sound liquidityposition as reflected in the group's Basel III Liquidity Coverage Ratio (LCR) which has strengthened considerably to 185% as of 31December 2017, well above the bank-specific regulatory minimum requirement of 110%. CS does not disclose its estimated Basel IIINet Stable Funding Ratio (NSFR). CS's pool of high-quality liquid assets (HQLA) amounted to CHF166 billion as of year-end 2017. Weexpect Credit Suisse to hold slightly lower liquidity going forward relative to the end of last year (CHF202 billion), depending on thedevelopment of local regulatory requirements, in particular the meanwhile fully set-up US intermediate holding company.

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.

Although Credit Suisse's strategic plan will likely result in some reduction in the contribution from North America and the restof Europe, and an increase in the contribution from Switzerland and Asia Pacific, we do not expect these changes to be of such amagnitude to change the weighted Macro Profile.

Notching 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, our Advanced LGF analysis indicates an extremely low loss-given-failure, resulting in threenotches of rating uplift from the bank's baa2 Adjusted BCA, prior to government support. This is because of the substantial volume ofdeposits and the high volume of subordinated debt classes, namely senior unsecured and subordinated debt at the bank and holdingcompany level, protecting deposit holders in the unlikely event of failure or resolution.

For Credit Suisse AG's senior unsecured debt, our Advanced LGF analysis also indicates an extremely low loss-given-failure, resulting inthree notches of rating uplift from the bank's baa2 Adjusted BCA, prior to government support. Although less well protected than bankdepositors, we believe the significant amount of bank-level senior unsecured debt outstanding nonetheless would allow for losses inresolution to be spread across a larger volume of creditors, lowering the severity of loss for individual senior bank creditors.

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 already begun to, and is expected to continue

8 9 April 2018 Credit Suisse Group AG: Update following rating affirmation

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

to issue, a significant volume of long-term holding company debt over the next several years which will provide a larger buffer toabsorb 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 supportSwiss authorities have made significant progress9 in implementing a credible and flexible bank resolution framework that includesprovisions for burden-sharing with senior creditors. With the legal framework now in place, we believe there is a low likelihood ofgovernment support for parent holding company debt issued (or guaranteed) by Credit Suisse Group AG. This reflects the resolutionobjectives of Swiss authorities, who have espoused single point of entry (SPE) resolution as their preferred strategy, exposing holdingcompany creditors to loss in order to shield the bank's own senior creditors 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 operating companylevel. For junior securities issued or guaranteed by Credit Suisse AG or Credit Suisse Group AG, the potential for government support islow and the ratings on those securities do not include any related uplift.

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

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. To determine the CR Assessment, we focus purely on subordination,taking no account of the volume of the instrument class.

Methodology and scorecardMethodologyThe principal methodology we used in rating Credit Suisse was the Banks methodology published in September 2017.

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.

9 9 April 2018 Credit Suisse Group AG: Update following rating affirmation

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Rating methodology and scorecard factors

Exhibit 9

Credit Suisse Group AGMacro FactorsWeighted Macro Profile Strong + 100%

Factor HistoricRatio

MacroAdjusted

Score

CreditTrend

Assigned Score Key driver #1 Key driver #2

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

CapitalTCE / RWA 17.1% aa2 ← → aa2 Expected trend

ProfitabilityNet Income / Tangible Assets 0.1% b3 ← → 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 290,012 36.9% 323,366 41.1%Deposits 327,000 41.6% 293,646 37.4%

Preferred deposits 241,980 30.8% 229,881 29.2%Junior Deposits 85,020 10.8% 63,765 8.1%

Senior unsecured bank debt 98,594 12.5% 98,594 12.5%Dated subordinated bank debt 7,686 1.0% 7,686 1.0%Junior subordinated bank debt 2,951 0.4% 2,951 0.4%Senior unsecured holding company debt 31,048 3.9% 31,048 3.9%Dated subordinated holding company debt 329 0.0% 329 0.0%Junior subordinated holding company debt 4,920 0.6% 4,920 0.6%Equity 23,584 3.0% 23,584 3.0%Total Tangible Banking Assets 786,124 100% 786,124 100%

10 9 April 2018 Credit Suisse Group AG: Update following rating affirmation

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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 Assessment 21.5% 21.5% 21.5% 21.5% 3 3 3 3 0 a2 (cr)Deposits 29.6% 21.5% 29.6% 21.5% 3 3 3 3 0 a2Senior unsecured bank debt 21.5% 9.0% 21.5% 9.0% 3 3 3 3 0 a2Senior unsecured holding company debt 9.0% 5.0% 9.0% 5.0% 0 0 0 0 0 baa2Dated subordinated bank debt 5.0% 4.0% 5.0% 4.0% -1 -1 -1 -1 0 baa3Dated subordinated holding companydebt

5.0% 4.0% 5.0% 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 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)

Source: Moody's Financial Metrics

Ratings

Exhibit 10Category Moody's RatingCREDIT SUISSE GROUP AG

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

CREDIT SUISSE AG (LONDON) BRANCH

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

CREDIT SUISSE GROUP FUNDING (GUERNSEY) LTD

Outlook StableBkd Senior Unsecured Baa2

CREDIT SUISSE AG

Outlook StableBank Deposits A1/P-1Baseline Credit Assessment baa2Adjusted Baseline Credit Assessment baa2Counterparty Risk Assessment A1(cr)/P-1(cr)Issuer Rating A1Senior Unsecured A1Subordinate -Dom Curr Baa3Commercial Paper P-1Other Short Term (P)P-1

11 9 April 2018 Credit Suisse Group AG: Update following rating affirmation

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CREDIT SUISSE AG (GUERNSEY) BRANCH

Outlook StableCounterparty Risk Assessment A1(cr)/P-1(cr)Senior Unsecured A1Pref. Stock Non-cumulative Ba2 (hyb)Other Short Term (P)P-1

CREDIT SUISSE INTERNATIONAL

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

CREDIT SUISSE AG (SYDNEY) BRANCH

Outlook StableCounterparty Risk Assessment A1(cr)/P-1(cr)Senior Unsecured -Dom Curr A1Commercial Paper P-1

CREDIT SUISSE AG (NASSAU) BRANCH

Outlook StableCounterparty 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 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 Baa3DLJ CAYMAN ISLANDS LDC

Bkd Senior Unsecured A1Source: Moody's Investors Service

Endnotes1 We assign a Baseline Credit Assessment (BCA) at the level of the operating bank, Credit Suisse AG. The baa2 BCA is in line with the baa2 median of the

bank's global investment bank (GIB) peers.

2 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 with several components. Theseinclude: (1) the scaling back of several businesses, most notably in Macro and European structured products; (2) the transfer of businesses to be exited/wound-down, including the legacy IB Non-Strategic Unit, to a separate Strategic Resolution Unit (SRU); (3) the combination of the Asia Pacific IB businesswith the bank's Asia Pacific Private Banking & Wealth Management business into a separate regionally focused Asia Pacific business segment; and (4) thedivision of the remaining global IB businesses into two separate business segments - Global Markets (GM) and Investment Banking and Capital Markets(IBCM). Following the acceleration of the strategy, and announcing deeper cuts to the Global Markets (GM) business, the SRU took on a further $7 billionin RWA and $36 billion in leverage exposures from GM in the second quarter of 2016. Credit Suisse further reduced two of its divisional pre-tax profittargets for 2018, particularly in its Asia Pacific investment banking operations and, to a lesser extent, in International Wealth Management (IWM). At thesame time, management revised upwards its cost takeout ambitions

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

5 This reflects our view that high-trigger instruments are available to absorb losses on a going concern basis, while low-trigger instruments and otherhybrids are likely to be available to absorb losses only in a bank resolution, i.e. at the point of non-viability.

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

7 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'.

12 9 April 2018 Credit Suisse Group AG: Update following rating affirmation

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

9 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.

13 9 April 2018 Credit Suisse Group AG: Update following rating affirmation

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REPORT NUMBER 1112432

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Contacts

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

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

CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

15 9 April 2018 Credit Suisse Group AG: Update following rating affirmation