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Tutor on Wheels > 2013 > August > 15 > Applicable Criteria and Related Research: ‘Global Financial

Applicable Criteria and Related Research: ‘Global Financial

Fitch Affirms Morgan Stanley’s IDRs at ‘A

(The following statement was released by the rating agency) NEW YORK, May 16 (Fitch) Fitch Ratings has affirmed Morgan Stanley’s ratings including its Issuer Default Ratings (IDRs) at ‘A/F1′, support rating at ’1′, support rating floor (SRF) at ‘A’ and viability rating (VR) at ‘a ‘. The Rating moncler jackets on sale Outlook moncler jackets kids is Stable. A complete list of rating actions follows at the end of this press release. The rating actions on Morgan Stanley have been taken in conjunction with Fitch’s Global Trading and Universal Bank (GTUB) periodic review. Fitch’s outlook for the industry is stable. Positive rating drivers include improved liquidity, funding, capitalization and more streamlined businesses, all partly driven womens moncler jackets by regulation. Offsetting these positive drivers are substantial earnings pressure, regulatory uncertainty and heightened legal and operational risk. The Stable Outlook on Morgan Stanley’s long term IDR reflects Fitch’s view that sovereign support for the bank will continue to be available. RATING SENSITIVITIES IDRs, SENIOR DEBT, SUPPORT RATING AND SUPPORT RATING FLOOR Morgan Stanley’s IDRs, Support Rating, SRF and moncler jacket outlet senior debt ratings are sensitive to a change in Fitch’s assumptions about the availability of sovereign support for the bank. This might result in Fitch revising SRFs downward in the moncler outlet usa medium term, although the timing and degree of any change would depend on developments with respect to specific jurisdictions. and Eurozone banks. Until now, senior creditors in major global banks have been supported in full, but resolution legislation is developing quickly and the implementation of creditor ‘bail in’ is starting to make it look more feasible for moncler jackets cheap taxpayers and creditors to share the burden of supporting large, complex banks. Any downgrade of Morgan Stanley’s SRF would lead to a downgrade of the bank’s IDRs. In line with Fitch’s criteria, the bank’s long term IDR is the moncler outlet location higher of the VR and moncler coats the SRF. KEY RATING DRIVERS VR Morgan Stanley’s VR is supported by improving operating profitability, a solid liquidity position, moncler outlet ny sound risk management, and higher than average capital position. The VR remains constrained by wholesale funding Official Moncler Outlet risks and challenging industry moncler outlets usa prospects given the impact of new regulations and continued global economic moncler outlet mall uncertainty. The VR reflects an expectation that the earnings contribution from the global wealth management (GWM) business will continue to increase, based moncler jackets canada on higher ownership of Morgan Stanley Smith Barney (MSSB) and an improving operating margin. GWM is a more stable business versus the institutional securities segment. peers continues to narrow. To further improve consolidated performance, Morgan Stanley will likely increase the operating margin in GWM (a gradual process) Moncler Factory Outlet and achieve additional operational efficiencies in both GWM and the institutional securities business. Morgan Stanley has a comparatively higher reliance moncler jackets on capital market operations than many GTUBs reflecting its focus on the institutional securities business. However, if Morgan Stanley achieves continued margin expansion in GWM and attains full ownership of MSSB, earnings will discount moncler outlet become more balanced. Nevertheless, Morgan Stanley’s future earnings will not be as diverse as large universal banks. Morgan Stanley’s capital position continues to improve and remains a relative strength. GTUBs). This higher capital is considered necessary given a potentially more volatile and concentrated business mix versus many more diversified banks. Liquidity remains at conservative levels. Cash and unencumbered highly liquid securities totaled $186 billion (23% of total assets). moncler jackets toronto The Basel III liquidity coverage ratio is estimated by Morgan Stanley to be well in excess of 100%. This prudent level of liquidity remains instrumental in reducing Fitch’s concerns regarding wholesale funding risks. Morgan Stanley is primarily wholesale funded, which Fitch believes makes it more vulnerable to funding and rollover risks than a number of GTUB peers. To reduce wholesale funding risk, Morgan Stanley has reduced reliance on unsecured short term to minimal levels with no reliance on 2a 7 funds or commercial paper. The firm has strong governance of secured funding, including maturity targets and limits set for each tier of collateral. Deposit funding is increasing at the subsidiary bank, but deposits remain a relatively moderate portion of the overall funding mix. Regulatory and legal issues appear manageable. Morgan Stanley moncler jackets outlet online and peers face new capital markets regulations such as the pending Volcker Rule and implementation of Basel III capital and liquidity Discount Moncler Coats standards. Morgan Stanley moncler chicago is projected to meet new requirements well within allowable time frames. RATING SENSITIVITIES VR The VR factors in Fitch core moncler outlet kids capital in line with current moncler coats for women levels and the management of capital comfortably above Basel III capital cheap moncler jackets wholesale minimums. The VR could be positively affected if Morgan Stanley further improves operating performance and diversifies the earnings mix, while maintaining prudent levels of liquidity and capital. moncler coats outlet Reductions buy moncler jackets toronto in economic, financial and regulatory uncertainties would be contributing factors towards any upward momentum. cheap moncler Downward pressure on the VR would cheap moncler coats for women result from a material loss, reduction in capital ratios and/or significant deterioration in liquidity levels. Likewise, any unforeseen outsized fines, settlements or other charges could also have adverse rating implications. RATING moncler outlet uk DRIVERS AND SENSITIVITIES SUBORDINATED DEBT OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by Morgan Stanley and by various issuing vehicles are all discount moncler jackets notched down from Morgan Stanley’s VR in accordance with Fitch’s assessment of each instrument’s respective nonperformance and relative Loss Severity risk profiles. Their ratings are primarily sensitive to any change in the VRs moncler jackets men of Morgan Stanley. to act as a source of strength for its bank subsidiaries, as well as the use of the holding company to fund subsidiary operations. RATING DRIVERS AND SENSITIVITIES SUBSIDIARY AFFILIATED COMPANIES The IDRs of Morgan Stanley’s major rated operating subsidiaries are equalized with Morgan Stanley’s IDR reflecting Fitch’s view that these entities are moncler jackets mens core to Morgan Stanley’s moncler coats for cheap business strategy and financial profile. Morgan Stanley is a moncler outlet canada leading global bank with three business segments: institutional securities, global wealth management, and asset management. In September 2008, Morgan Stanley converted to a bank holding company (BHC) regulated moncler outlet woodbury by the Federal Reserve. and https://www.moncleroutlett.com designated as a G SIFI by the Financial Stability Board. Fitch has affirmed the following ratings with a Stable Outlook: Morgan Stanley Long term IDR at ‘A’; Long term senior debt at ‘A’; Short term IDR at ‘F1′; Short term debt at ‘F1′; Commercial paper at ‘F1′; Market linked securities at ‘Aemr’; VR at ‘a ‘; Subordinated debt at ‘BBB ‘; Preferred stock ‘BB’; Support at ’1′; Support floor at ‘A’. Long term IDR at ‘A’; Long term Deposits at ‘A ‘; Short term IDR at ‘F1′; Short term deposits at ‘F1′; Support at ’1′. Morgan Stanley Australia Finance Ltd Long term IDR at ‘A’; Long term senior debt at ‘A’; Short term IDR at ‘F1′; Short term debt at ‘F1′. Morgan Stanley moncler jackets for women Canada Ltd Short term IDR at ‘F1′; Short term debt at ‘F1′. Commercial paper at ‘F1′. Morgan Stanley International Finance SA Short term debt at ‘F1′. Bank Morgan Stanley AG Long term IDR at Moncler online ‘A’; Short term IDR at ‘F1′; Support at ’1′. Morgan Stanley Secured Financing Long term senior debt at ‘A’; Short term debt at ‘F1′. Morgan Stanley Capital Trust III VIII Preferred stock at ‘BB ‘. Contact: Primary Analyst Joseph Scott Senior Director 1 212 908 0624 moncler coats cheap Fitch Ratings, Inc. Applicable Criteria and Related Research: ‘Global Financial Institutions Rating Criteria’ dated Aug. 15, 2012; ‘Securities Firms Criteria’ dated Aug. 15, 2012; ‘Assessing and Rating Bank Subordinated and Hybrid Securities’ dated Dec. 5, 2012; ‘Rating FI Subsidiaries and Holding Companies’ dated Aug. 10, 2012. Applicable Criteria and Related Research Global Financial Institutions Rating Criteria here Securities Firms Criteria here Assessing and Rating Bank Subordinated and Hybrid Securities here Rating moncler outlet store FI Subsidiaries and Holding Companies here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO cheap moncler jackets CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED cheap moncler jackets outlet ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH moncler outlet online store THE LEAD ANALYST IS BASED IN AN EU REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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