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Bulletin: Morgan Stanley Rating Unaffected By Fourth-Quarter Earnings Jan 11
Standard & Poors, Jan 2011
Abstract
NEW YORK (Standard & Poor's) Jan. 20, 2011--Standard & Poor's Ratings Services said today that Morgan Stanley's (A/Negative/A-1, holding company) just-announced relatively weak fourth-quarter earnings do not immediately affect the rating. Pretax income (adjusted for debt-related credit spreads and the China International Capital Corp. gains) was $1.45 billion in the fourth quarter compared with $1.53 billion in the third quarter. The pretax margin declined to a low 18.1% from 20.4% in the last quarter. Return on equity was only 5.2% for the quarter. Sequentially weaker results are attributable to a material industry-wide slow-down in fixed-income sales and trading. Other business results were sequentially stable to improved. Institutional Securities' pretax earnings were affected by a 38% decrease in fixed-income sales and...
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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