TEXT-Fitch UBS Makes Good Progress Despite Earnings Set-Backs

Feb 06 - Fitch Ratings says that UBS AG (UBS; 'A'/Stable; 'a-'/Rating Watch Positive) made significant progress in Q412 in further improving its capitalisation and leverage, repositioning its investment bank (IB) and implementing its cost-savings strategy. The bank benefited from a favourable quarter for non-core asset disposals, which allowed for aggressive balance sheet and RWA reduction at minimal exit costs.