Research Update: E*TRADE Financial Corp. 'B+' Rating Affirmed; Outlook Stable Sep 05

Standard & Poors, September 2005

Abstract
On Sept. 29, 2005, Standard & Poor's Ratings Services affirmed its 'B+' rating on E*TRADE Financial Corp. (E*TRADE) as a result of the announcement that E*TRADE will purchase BrownCo, a discount on-line broker with approximately 200,000 active customer accounts, from J.P. Morgan Chase & Co. The outlook on E*TRADE is stable. The rating affirmation does not affect the 'BB' counterparty credit rating or stable outlook of E*TRADE Bank. The transaction, priced at $1.6 billion, is expected to be funded by approximately 65%-75% of common equity and mandatory convertible securities, with the remainder funded by debt securities. Standard & Poor's expects the mandatory convertible securities to qualify as capital, consistent with our criteria, whereby it would constitute less than 35% of...

Companies mentioned in this report are:
- E*TRADE Financial Corp.
- JPMorgan Chase & Co.
- E*TRADE Bank

Action: Affirmed
Action: Outlook: Stable

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.

- E*TRADE Financial Corp.
- JPMorgan Chase & Co.
- E*TRADE Bank

Customers who bought this item also bought

• Research Report on Chinese Securities Industry, 2009
• Library Use of eBooks, 2012 Edition
• Special Service & Homeland Security Vehicle Manufacturing in North America
• China Education and Training Industry Report, 2011-2012
• China Education and Training Industry Report, 2011-2012
• eLEARNING - Global Strategic Business Report
• Library Use of eBooks, 2013 Edition
• Russia Defence and Security Report Q3 2011
• United Arab Emirates Defence and Security Report Q3 2011
• United Arab Emirates Defence and Security Report Q1 2012