Fitch Ratings Lowers Credit Suisse First Boston L-T Debt To 'AA-'.

Business Editors

LONDON--(BUSINESS WIRE)--May 17, 2002

Fitch Ratings has downgraded the long-term debt ratings of Credit Suisse First Boston (CSFB) to 'AA-' from 'AA'. Its 'F1+' short-term debt rating and 'B/C' individual rating have been affirmed. In addition, the ratings of Credit Suisse First Boston International and Credit Suisse First Boston (USA), Inc. were revised to match the ratings of CSFB, their parent. Specifically, Credit Suisse First Boston International's long-term debt rating has been downgraded to 'AA-' from 'AA', while Credit Suisse First Boston (USA), Inc.'s long-term debt rating has been upgraded to 'AA-' from 'A+'. Both entities' short-term debt ratings have been affirmed at 'F1+'. Further, the Rating Outlook for all three companies was revised to Stable. Ratings of Credit Suisse Group ('AA-/F1+'), Credit Suisse ('AA-/F1+') and Winterthur ('AA') were affirmed as were their Stable Rating Outlooks. All ratings are listed at the conclusion of this release.

CSFB's earnings are dominated by investment banking, which is roughly 10 times the size of its institutional asset management business. Both reported and operating earnings have been lower than expectations, primarily reflecting a contraction in business volumes. The appointment of new senior management has had positive effects on the cultural and cost structures. CSFB has taken significant steps to reduce its cost base.

Credit Suisse First Boston's (CSFB) ratings reflect its strong global franchises in debt and equity markets and institutional asset management, as well as sufficient and prudent management of capital and liquidity. Its strong market position was further enforced by the acquisition of the US investment bank, Donaldson, Lufkin & Jenrette, Inc. CSFB is now one of the world's leading investment banks and continues to grow its market share in key underwriting league tables. Fitch believes that the universal bank integrating commercial lending, insurance and traditional investment banking businesses and trading have the potential to capture market share in global financial services.

Both the short and long-term debt ratings of Credit Suisse First Boston International, as well as Credit Suisse First Boston (USA), Inc., mirror those of CSFB, as each company is a subsidiary of CSFB. While maintaining separate legal entities, it is important to note that CSFB handles risk, liquidity and capital management on a consolidated basis, and therefore Fitch's credit ratings for CSFB and its subsidiaries will reflect this approach.

Credit Suisse First Boston

--Long-term 'AA-';
--Short-term 'F1+';
--Individual 'B/C';
--Support '1';
--Rating Outlook Stable.

Credit Suisse First Boston USA Inc.

--Long-term 'AA-';
--Short-term 'F1+';
--Individual withdrawn;
--Support '3'.
--Rating Outlook Stable.

Credit Suisse First Boston International

--Long-term 'AA-';
--Short-term 'F1+';
--Support '3';
--Rating Outlook Stable.

Credit Suisse Group

--Long-term 'AA-';
--Short-term 'F1+';
--Rating Outlook Stable.

Credit Suisse

--Long-term 'AA-';
--Short-term 'F1+';
--Individual 'B';
--Support '2'
--Rating Outlook Stable.

Winterthur Group

--Financial strength 'AA';
--Rating Outlook Stable.