ZURICH (Reuters) – Credit Suisse Group AG’s credit rating has been downgraded to BBB from BBB+ by Standard & Poors, a blow for the Swiss bank which reported a first quarter loss and is facing increasing shareholder unrest following a string of scandals.

Rating agency: The outlook is now stable from negative

Credit Suisse has reported a quarterly loss and announced a management restructuring after billions in losses incurred from failing investments during 2021.

Bank has attempted to change its culture of risk management and end the cycle of numerous scandals that have led to multiple management changes, abrupt departures and investigations.

But S&P said a turnaround from scandals such as the Archegos affair, Greensill and others would not be quick.

“Although we are actively working to remediate actions, we believe a lasting change in the risk culture within such a complex global organisation will take time,” said the agency.

In a declining economic and business environment, we believe this will make it even harder.”

S&P said it saw see management targets to restore profitability as ambitious, particularly in view of the management upheaval and economic uncertainties.

“In our view, the group’s risk-return is likely to remain below that of its key competitors and other highly rated peers, at least over the medium term,” S&P said