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Bulletin: The Goldman Sachs Group Inc. Rating Unaffected By Strong Fourth-Quarter Earnings
Standard & Poors, Jan 2010
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.
Abstract
NEW YORK (Standard & Poor's) Jan. 21, 2010--Standard & Poor's Ratings Services said today that The Goldman Sachs Group Inc.'s (GS; A/Negative/A-1, holding company) just-announced fourth-quarter earnings do not immediately affect the rating. GS's reported pretax earnings of $7.4 billion were boosted by negative compensation expense of $519 million, which primarily reflected a substantial ratcheting back of previously accrued compensation, plus a reallocation to noncompensation expense of $500 million previously booked as compensation expense. (Compensation and benefits expense averaged $5.6 billion per quarter in the first three quarters of 2009). Taking account of this factor, adjusted pretax earnings were off significantly from the third quarter's $5.1 billion, although still strong. Trading revenues were down significantly from the robust level of...
Companies mentioned in this report are: Goldman Sachs Group Inc. (The)
Action: Bulletin
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