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Bulletin: The Goldman Sachs Group Inc. Rating Unaffected By Weak Second-Quarter Results
Standard & Poors, July 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) July 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 weak second-quarter earnings, which were generally consistent with our expectations given the current operating environment, do not immediately affect the rating. GS's reported pretax income, adjusted by our calculations, of $1.3 billion (down 76% sequentially) followed a very strong performance in the first quarter. Still, the adjusted pretax margin of 17.2% is low compared to previous quarters. Our adjustments include the SEC settlement, the U.K. tax, ICBC, and CVA. GS continues to derisk its balance sheet. The $550 million settlement with the SEC does not affect ratings at this time. Currently, the rating on Goldman...
Companies mentioned in this report are: Goldman Sachs Group Inc. (The)
Action: Bulletin
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