Credit Suisse wasn’t surprised and UBS was disappointed at ratings agency Moody’s slashing credit ratings of 15 global banks.

Credit Suisse slid three notches from aa1 to a1. 

The bank said it had been expecting the move for some time and this will not affect its liquidity.

Credit Suisse’s share price at midday was down about 1.5 percent.

Big bank UBS was docked two steps, from aa3 to a2.

A spokeswoman said of course the bank was disappointed, but it hoped ratings firms would note changes being made due to new regulatory requirements.

UBS shares at mid-day were little changed.