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Bulletin: Morgan Stanley Rating Unaffected By Weak First-Quarter Earnings Apr 09
Standard & Poors, April 2009
Abstract
NEW YORK (Standard & Poor's) April 22, 2009--Standard & Poor's Ratings Services said today that its rating on Morgan Stanley (MS; A/Negative/A-1) is not affected by the company's just-announced first-quarter earnings. MS returned to profitability in the quarter, with adjusted pretax earnings of approximately $650 million (reversing the $1.5 billion adverse reporting effect of improvement in the company's own credit spreads), following the massive loss incurred in fourth-quarter 2008. However, results were broadly weak. In its trading operations (Institutional Securities), MS suffered investment losses of $800 million--largely real estate-related--and a further $400 million of mark-to-market losses on leveraged lending loans and commitments. Excluding these factors, trading results were relatively strong--albeit not as good as peers', reflecting the conservative stance MS...
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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