Research Update: Morgan Stanley And Operating Subsidiaries Ratings Lowered; Outlook Is Negative Nov 11
- Language: English
- Published: November 2011
NEW YORK (Standard & Poor's) April 5, 2005Standard & Poor's Ratings Services today affirmed its 'A+/A-1' counterparty credit ratings on Morgan Stanley. At the same time, Standard & Poor's lowered its counterparty credit ratings on Discover Bank (Discover) to 'BBB-/A-3' from 'A+/A-1'. The outlook on both entities is stable. "The ratings affirmation for Morgan Stanley is based on the pro forma business lines and pro forma leverage after the planned spin-off of Discover Bank," said Standard & Poor's credit analyst Tom Foley. On April 4, 2005, Morgan Stanley announced the planned spin-off of Discover to shareholders. Although this transaction will increase leverage and will reduce business-line diversification at Morgan Stanley, in Standard & Poor's opinion the resulting entity will continue...
Companies mentioned in this report are:
- Morgan Stanley
- Discover Bank
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Research type: News
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