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

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

  • Published: April 2005
  • Standard & Poors

FEATURED COMPANIES

  • Discover Bank
  • Morgan Stanley
  • MORE

Abstract
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

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 READ MORE >

- Morgan Stanley
- Discover Bank

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