Credit Suisse analysts are watching for companies that are not only exposed to FX effects but also to transactional impacts, i.e. that have a mismatch of costs and revenues in CHF. Traditionally, Swiss exporters have a high CHF cost base, resulting in further pressure on profitability. That said, Credit Suisse credit analysts note that investment grade companies generally have a broadly diversified business profile across sectors, regions and products. In the coverage universe, those exporters in the capital goods sector and the Swiss utilities most affected by this issue are highlighted.