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Bulletin: Morgan Stanley Rating Unaffected By Improved Third-Quarter Earnings Oct 09
Standard & Poors, Oct 2009
Abstract
NEW YORK (Standard & Poor's) Oct. 21, 2009--Standard & Poor's Ratings Services said today that Morgan Stanley's (MS; A/Negative/A-1, holding company) just-announced third-quarter earnings do not affect the rating. MS generated pretax earnings of $2.1 billion (adjusting for the $900 million fair-value expense stemming from improvement in the company's credit spreads; 22% pretax margin), up from $1.7 billion in the prior quarter. This represented MS's best adjusted quarterly result since 2007, and reflected, in part, a resurgence in MS's trading revenue--particularly in fixed-income trading. Favorable market conditions and a return to a more normal trading stance following a period of internal turmoil were behind this increase. Also, MS's investment banking revenue remained relatively strong. On the other hand, the lackluster...
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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