The Zurich-based company said it is likely to report a net loss of 1 billion Swiss francs ($861 million) for the year. It is also looking to tap Berkshire Hathaway for an additional 3 billion Swiss francs ($2.58 billion) of additional capital.
“Both the magnitude of additional write-downs and the resulting need to raise capital are outside of our expectations,” said Peter Grant, a credit analyst at S&P, in a statement.