Moody's does not incorporate rating uplift from sovereign government support in UBP's ratings due to the bank's small domestic market share and relatively low importance to the Swiss banking system.UBP's a1 BCA reflects the bank's very strong capitalization and its ample liquidity, in addition to its low dependence on confidence-sensitive wholesale funding sources. The BCA further incorporates UBP's very low credit risks from its asset portfolio, yet also reflects the market, operational and litigation risks inherent in its private banking business model. Further, UBP's standalone creditworthiness captures its moderate profitability and high dividend payments to its family owners.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Banks Methodology published in July 2021.