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To: ms.smartest.person who wrote (1560)8/16/2002 2:24:12 PM
From: ms.smartest.person  Read Replies (1) of 5140
 
Wall Street bank ratings may be cut
Aug. 16, 2002, 12:44AM

Reuters News Service

NEW YORK -- Standard & Poor's said Thursday it may cut credit ratings of several Wall Street banking giants, including J.P. Morgan Chase & Co., Merrill Lynch & Co. and Morgan Stanley, because their investment banking revenue is falling.

The banks are suffering because the 29-month equity bear market and waning investor confidence have caused companies to pare spending and rely less on Wall Street to raise capital, a trend that the credit rating agency said may worsen.

S&P said it may cut J.P. Morgan's, Merrill Lynch's and Morgan Stanley's "AA-minus" long-term ratings, its fourth highest grade, and "A-1-plus" short-term ratings, its highest. It also said it may cut Goldman Sachs Group's "A-1-plus" short-term rating and affirmed its "A-plus" long-term rating. The credit rating agency said any cuts will likely not exceed one notch.

S&P also revised its outlook for Lehman Brothers Holdings' "A" long-term and "A-1" short-term ratings to "negative" from "stable," suggesting that a downgrade is now more likely, though not imminent.

S&P expects to finish its reviews within four weeks. Downgrades often boost borrowing costs.

chron.com
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