We believe Goldman Sachs Group Inc. (Goldman) has been bolstering its credit profile by expanding stable, lower-risk revenue--especially in asset and wealth management--while strengthening its capital markets businesses, adding deposits, and shrinking legacy on-balance-sheet investments. Such enhancements have reduced downside risk to our rating, but the company is still much more dependent on trading and investment banking revenue than peers and has not yet reached its goals for improved profitability. In addition, the current operating and regulatory environment is highly uncertain. We affirmed our 'BBB+/A-2' ratings on Goldman and our 'A+/A-1' ratings' on its core operating subsidiaries. The stable outlook reflects that we expect the company to generate robust profits and maintain good capital and liquidity in the next two
