UBS Taking $10B B&C CDO Hit

United Bank of Switzerland -- once a huge provider of warehouse credit to subprime firms -- says it will take a $10 billion writedown on collateralized debt obligations that are triple-A rated even though these investments are "senior" to similarly rated tranches of the same bond issue.UBS -- which released the news at 1 a.m. Monday -- blamed the writedown on America's subprime crisis, homeowner delinquencies, and "worsening market expectations of future developments." In tandem with the writedown announcement, UBS said two foreign investors have committed to invest $11.5 billion in the company to help shore up its capital position. UBS is based in Zurich. One of the investors in the Swiss bank is the Government of Singapore Investment Corp., or GIC.