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S&P Credit Research891 word report
published Jan 14, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Jan. 14, 2009--Standard&Poor's Ratings Services said today that its ratings on Citigroup Inc. (holding company; A/Stable/A-1) and Morgan Stanley (holding company; A/Negative/A-1) would not be affected by the companies' announced plan to place the bulk of their respective wealth-management operations into a joint venture, to be initially owned 51% by Morgan Stanley and 49% by Citigroup. (Ratings on both companies were lowered on Dec. 19, 2008. See "Twelve Major U.S. and European Financial Institutions Have Ratings Lowered," published Dec. 19, 2008, on RatingsDirect.) The cost savings resulting from the combination of these operations (estimated by management to total $1.1 billion within the first 18 months) could ultimately enhance the value of the joint
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| Brief Excerpt: | RESEARCH Ratings Definitions Citigroup Inc., Morgan Stanley Wealth-Management Joint Venture Will Not Affect Ratings On Either Publication date: 14-Jan-2009 Primary Credit Analyst: Scott Sprinzen, New York (1) 212-438-7812; scott_sprinzen@standardandpoor...
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| Report Type: | News
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
