The Goldman Sachs Group Inc. Jan 11

Standard & Poors, January 2011

Abstract
Systemic importance due to its key role in the global capital markets Leading market positions in M&A advisory, trading, prime brokerage, and merchant banking, and among the largest participants in underwriting and asset management Well-diversified securities-related revenue streams by business line, product, and geography Proven risk management Stronger capital levels than peers' Highly confidence-sensitive nature of its business franchise and heavy reliance on secured short-term and other wholesale funding sources Large appetite for market risk in the trading portfolio Material, albeit reduced, exposure to relatively illiquid investments Legislative risk to profits from restrictions on business practices Standard & Poor's Ratings Services' ratings on The Goldman Sachs Group Inc. (GS) reflect a combination of extraordinary external support from the U.S. government...

Companies mentioned in this report are:
- The Goldman Sachs Group Inc.
- Goldman Sachs & Co.
- First Allmerica Financial Life Insurance Co.
- Commonwealth Annuity and Life Insurance Co.: A Goldman Sachs Company
- Goldman Sachs Mitsui Marine Derivative Products L.P.
- Goldman Sachs Japan Co. Ltd.
- Goldman Sachs Execution & Clearing L.P.
- SLK Capital Corp.
- Goldman Sachs Capital I
- Goldman Sachs Capital II
- Goldman Sachs Capital III
- Goldman Sachs Capital IV

Action: Review

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: Full Analysis

- The Goldman Sachs Group Inc.
- Goldman Sachs & Co.
- First Allmerica Financial Life Insurance Co.
- Commonwealth Annuity and Life Insurance Co.: A Goldman Sachs Company
- Goldman Sachs Mitsui Marine Derivative Products L.P.
- Goldman Sachs Japan Co. Ltd.
- Goldman Sachs Execution & Clearing L.P.
- SLK Capital Corp.
- Goldman Sachs Capital I
- Goldman Sachs Capital II
- Goldman Sachs Capital III
- Goldman Sachs Capital IV

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