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Criteria | Financial Institutions | Banks: Applying Group Methodology To Independent U.S. Investment Banks Jun 08 Product Image

Criteria | Financial Institutions | Banks: Applying Group Methodology To Independent U.S. Investment Banks Jun 08

  • ID: 1886112
  • June 2008
  • Region: United States
  • Standard & Poors

Abstract
The four large independent U.S. investment banks--The Goldman Sachs Group Inc., Lehman Brothers Holdings Inc., Merrill Lynch & Co. Inc., and Morgan Stanley--are legally structured as holding companies with operating subsidiaries, similar to the major U.S. banks. Among non-U.S. financial institutions with a significant presence in the securities industry, Credit Suisse Group has a similar legal structure. In assessing the credit quality of these firms, Standard & Poor's Ratings Services first determines a "group" issuer credit rating (ICR)--sometimes also referred to as the notional group operating rating--which reflects our assessment of the consolidated group's ability and willingness to meet its financial obligations on a timely basis-. Toward this end, in our financial analysis we focus primarily on consolidated financial statements...

Companies mentioned in this report are: Merrill Lynch & Co. Inc.,Lehman Brothers Holdings Inc.,Morgan Stanley,Credit Suisse Group AG,The Goldman Sachs Group Inc.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, READ MORE >

Merrill Lynch & Co. Inc.,Lehman Brothers Holdings Inc.,Morgan Stanley,Credit Suisse Group AG,The Goldman Sachs Group Inc.

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