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Bulletin: The Goldman Sachs Group Inc. Rating Unaffected By Strong First-Quarter Earnings
Standard & Poors, April 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) April 20, 2010--Standard & Poor's Ratings Services said today that The Goldman Sachs Group Inc.'s (GS; A/Negative/A-1, holding company) just-announced strong first-quarter earnings do not immediately affect the rating. GS's reported net income of $3.3 billion was approximately twice that of the year-earlier period, and significantly improved from performance in fourth-quarter 2009, adjusting for differences in compensation accrual rates. Trading revenues significantly bolstered financial performance, with fixed income and equities trading revenues increasing 86% and 45%, respectively, from the prior quarter. Trading and principal investments revenues accounted for approximately 80% of the consolidated total. There was some sequential weakness in GS's investment-banking revenues (down 28%) and prime broker business (off 11%). GS's average core excess...
Companies mentioned in this report are: Goldman Sachs Group Inc. (The)
Action: Bulletin
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