EARNINGS UPDATE: State Street Corp. Ratings Unaffected By Satisfactory Fourth-Quarter Earnings Jan 12
Standard & Poors, January 2012
Abstract
NEW YORK (Standard & Poor's) Jan. 19, 2012--Standard & Poor's Ratings Services today said its ratings on State Street Corp. (STT; A+/Negative/A-1) were not affected by the company's fourth-quarter earnings report, which we view as satisfactory in the context of the challenging market conditions. The net income available to common shareholders declined to $371 million in fourth-quarter 2011 from $543 million in the third quarter. However, on an adjusted operating basis, STT's net income of $454 million (excluding several items such as $120 million in pretax restructuring costs) declined a more modest 5% from the third quarter. The adjusted pretax operating margin was 28%, which is within our expectations for the ratings. Total operating revenue declined 5.3% from the third...
Companies mentioned in this report are: State Street Corp.
Action: General Comment
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
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State Street Corp.
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