Morgan Stanley Ratings Affirmed; Discover Bank Ratings Lowered To 'BBB-/A-3' Apr 05

Standard & Poors, April 2005

Abstract
NEW YORK (Standard & Poor's) April 5, 2005-Standard & 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
Action: Affirmed
Action: Downgraded

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.

Morgan Stanley,Discover Bank

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