EARNINGS UPDATE: Morgan Stanley Ratings Unaffected By Fair 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 that Morgan Stanley's (A-/Negative/A-2) fair fourth-quarter earnings do not immediately affect the ratings. Morgan Stanley reported Standard & Poor's-adjusted pretax income of $1.0 billion in the fourth quarter, compared with $271 billion in the third quarter and $1.7 billion in fourth-quarter 2010. Debt valuation adjustments (DVA) were $216 million, compared with $3.4 billion in the previous quarter and negative $945 million one year earlier. The other adjustment this quarter was $1.7 billion for the MBIA settlement. Our expectations are that income should improve in 2012 over a very weak 2011, absent a worsening of the crisis in Europe. Institutional Securities' results were consistent with weak market...
Companies mentioned in this report are: Morgan Stanley
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
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.
Morgan Stanley
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