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Bulletin: Morgan Stanley Rating Unaffected By Improved First-Quarter Earnings Apr 10
Standard & Poors, April 2010
Abstract
NEW YORK (Standard & Poor's) April 21, 2010--Standard & Poor's Ratings Services said today that Morgan Stanley's (MS; A/Negative/A-1, holding company) just-announced good first-quarter earnings do not immediately affect the rating. MS reported pretax income from continuing operations of $2.5 billion (28% pretax margin), which was up significantly from $1.3 in the prior quarter (adjusted for the $700 million fair-value expense from improvement in the company's credit spreads; 19% pretax margin). Revenues and earnings improved in all three of MS's core businesses--investment banking and trading, wealth management, and asset management. Like peers, MS benefitted from highly favorable trading conditions widely distributed among products and markets that more than offset weakness in advisory and underwriting revenues. However, MS's financial performance in...
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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