(Agencies)
Updated: 2007-10-30 14:21

UBS AG, Europe's largest bank by assets, said that difficulties in the US subprime housing market may lead to further writedowns.

The Zurich-based bank, which reports its third-quarter earnings tomorrow, said yesterday that it's still exposed to "further deterioration in the US housing and mortgage markets as well as rating downgrades" on mortgage-related securities.