Credit Suisse's main operation has been downgraded by ratings agency Moody's in the wake of the twin crises of a $5.5bn hit from the collapse of Archegos Capital and its exposure to supply chain finance firm Greensill.

The ratings agency downgraded Credit Suisse AG, which houses its investment bank and wealth management units, to A1 from Aa3. Moody's also reaffirmed the Swiss bank's Aa1 senior unsecured debt ratings, it said in a 13 July statement.