Recent Credit Market Volatility Overshadows A Bright Second Quarter For U.S. Banks And Brokerages Aug 07
Standard & Poors, August 2007
Abstract
Even though U.S. banks and brokerages turned in solid second-quarter results, subprime mortgage issues, a leveraged loan market marked by numerous stalled deals, and fixed-income price volatility deeply rattled the credit markets. In a Standard & Poor's Ratings Services conference call held on Aug. 8, 2007, Financial Institutions analysts Rodrigo Quintanilla, Tanya Azarchs, Victoria Wagner, and Scott Sprinzen put the issues facing the U.S. banking and brokerage industry into perspective. Each of the analysts emphasized that, for some time, Standard & Poor's has anticipated the turn in the capital markets to more normal credit spreads, and that we base our ratings on an individual company's underlying structure and overall financial health and creditworthiness, not cyclical earnings peaks and valleys. For...
Companies mentioned in this report are:
- Merrill Lynch & Co. Inc.
- Bank of America Corp.
- U.S. Bancorp
- Morgan Stanley
- Countrywide Financial Corp.
- JPMorgan Chase & Co.
- Citigroup Inc.
- The Goldman Sachs Group Inc.
- Washington Mutual, Inc.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Merrill Lynch & Co. Inc.
- Bank of America Corp.
- U.S. Bancorp
- Morgan Stanley
- Countrywide Financial Corp.
- JPMorgan Chase & Co.
- Citigroup Inc.
- The Goldman Sachs Group Inc.
- Washington Mutual, Inc.
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