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Bulletin: Morgan Stanley's Rating Unaffected By Third-Quarter Earnings Oct 10
Standard & Poors, Oct 2010
Abstract
NEW YORK (Standard & Poor's) Oct. 20, 2010--Standard & Poor's Ratings Services said today that Morgan Stanley's (A/Negative/A-1, holding company) just-announced relatively weak third-quarter earnings do not immediately affect the rating. Pretax income of $1.5 billion in the third quarter was only a modest increase over the $1.3 billion in the second quarter, as adjusted. The pre-tax margin was 20.4% compared with last quarter's 17.9%, and we anticipate profitability should slowly improve as the company continues to transition and grow its platform. Relatively stable sequential revenues in the Institutional Securities Group stemmed from anticipated better performance in Investment Banking (up 14%) with lower Sales and Trading (down 26%). Helping overall performance was $387 million in investment gains on a principal...
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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