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BULLETIN: Global Settlement Reached With Major Investment Brokers Dec 02
Standard & Poors, Dec 2002
Abstract
Standard & Poor's does not view today's announcement of a global settlement with major investment brokers as having any ratings implications in the near term. The settlement payments are not significant, from a ratings perspective, relative to the financial resources and earnings power of the affected firms (see list below). Standard & Poor's will continue to monitor developments in civil litigation related to analyst independence. It is too early to determine at this point whether such litigation will have any impact on ratings. Firms affected by the settlement are: Bear Stearns Cos. Inc. (The) (A/Negative/A-1) Credit Suisse First Boston (USA) Inc. (A+/Stable/A-1) Deutsche Bank AG (AA-/Stable/A-1+) Goldman Sachs Group Inc. (The) (A+/Stable/A-1) J.P. Morgan Chase & Co. (A+/Negative/A-1) Lehman Brothers...
Companies mentioned in this report are: The Goldman Sachs Group Inc.,Deutsche Bank AG,Merrill Lynch & Co. Inc.,Bear Stearns Cos. LLC,Citigroup Global Markets Inc.,Lehman Brothers Holdings Inc.,Morgan Stanley,JPMorgan Chase & Co.,Credit Suisse (USA) Inc.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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