Research Update: Morgan Stanley Sep 04
- ID: 1925294
- September 2004
- Standard & Poors
On Sept. 29, 2004, Standard & Poor's Ratings Services revised its outlook on Morgan Stanley and its rated subsidiaries to positive from stable. Morgan Stanley's 'A+/A-1' counterparty credit ratings are affirmed. The ratings reflect Morgan Stanley's diversified business mix, high capital adequacy, and strong profitability over the long term. Additionally, the firm has high market shares in investment banking and securities trading. The outlook indicates that over the medium term, if current trends continue, the firm's issuer credit ratings could be raised.Morgan Stanley's earnings performance, as reported, over the past several years has exhibited low volatility relative to that of its peers. Nonoperating charges have been minimal and primarily reflect impairment in the aircraft lease portfolio. Although GAAP accounting constrains...
Companies mentioned in this report are:
- Morgan Stanley
Action: Outlook: Positive
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases. SHOW LESS READ MORE >