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Bulletin: Morgan Stanley Rating Unaffected By Weaker Second-Quarter Earnings Jul 10
Standard & Poors, July 2010
Abstract
NEW YORK (Standard & Poor's) July 21, 2010--Standard & Poor's Ratings Services said today that Morgan Stanley's (MS; A/Negative/A-1, holding company) just-announced weaker second-quarter earnings do not immediately affect the rating. MS reported pretax income from continuing operations, adjusted for our calculations, of $1.3 billion (17.9% pretax margin), down from $2.5 billion in the prior quarter (27.3% pretax margin). Adjustments include DVA and the U.K. Tax. This is generally consistent with industry conditions, reflecting weak client flows resulting from uncertainty in the macroenvironment. Institutional Securities Sales and Trading was hurt by the weak environment, but Investment Banking performed relatively well with revenues flat from last quarter. Wealth Management continued with low profitability, and improvements may take some time. Asset-Management saw...
Companies mentioned in this report are: Morgan Stanley
Action: Bulletin
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.
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