Fitch cuts UBS ratings one notch to "AA-minus

NEW YORK, April 1 (Reuters) - Fitch Ratings on Tuesday lowered its ratings for UBS AG (UBSN.VX: Quote, Profile, Research) by one notch after the Swiss bank unveiled $19 billion in writedowns due to losses tied to U.S. mortgage-related securities.

Fitch cut the bank's ratings by one level to "AA-minus," or four notches above junk bond status. Fitch also said its outlook remains negative, suggesting another rating cut is more likely over the next two years.

The scale of UBS' first-quarter net loss and difficult market conditions "makes it a real possibility that the group may not report a full-year profit for the second consecutive year," Fitch said in a statement.

The rating company also cut UBS' subordinated debt and hybrid debt ratings by one notch to "A-plus," the fifth-highest rating, from "AA-minus."

(Reporting by Walden Siew; Editing by Diane Craft)