|
|
 |
|
Viewing report
|
|
|
|
Bulletin: Morgan Stanley Ratings Unaffected By Fair Second-Quarter Earnings Jul 09
Standard & Poors, July 2009
Abstract
NEW YORK (Standard & Poor's) July 22, 2009--Standard & Poor's Ratings Services said today that its ratings on Morgan Stanley (MS; A/Negative/A-1, holding company) are not affected by the company's just-announced second-quarter earnings. We view the company's financial performance as only fair. The company had pretax earnings of $1.7 billion (adjusting for the $2.3 billion fair value expense stemming from improvement in the company's credit spreads). MS benefited from a favorable trading environment to a greater extent than it did in the first quarter, but its results were significantly eclipsed by certain peers--particularly The Goldman Sachs Group Inc. and JPMorgan Chase & Co. MS' asset management business continues to be unprofitable, owing largely to real estate-related losses. The formation of...
Companies mentioned in this report are: Morgan Stanley,JPMorgan Chase & Co.,The Goldman Sachs Group Inc.
Action: Bulletin
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.
|
|
|
|
