Summary: Morgan Stanley Dean Witter & Co. Jul 01

Standard & Poors, July 2001

Abstract
The world is changing for institutional investment banks. Their underwriting prowess and advisory expertise are no longer sufficient to win attractive fees from their corporate clients. Increasingly, they must participate in some less attractively priced products, like senior bank loans and even CP backup lines. Earning the right to play in their traditional intermediation markets this way, they become not merely intermediaters of credit, but must actually rent their own balance sheet. These developments result in higher industry risk. The changes come amidst a downturn for the industry's most lucrative businesses, with M&A transactions and equity underwriting down sharply in 2001. The longer this slump continues, the greater the pressure on institutional securities firms to extend credit to maintain overall...

Companies mentioned in this report are: Morgan Stanley
Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Morgan Stanley

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