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Moody's cuts Bank Morgan Stanley
Moody's Investors Service said it downgraded the long-term deposit ratings of Bank Morgan Stanley AG (Bmsag) to Baa2 from Baa1.
At the same time, the agency lowered Bmsag's bank financial strength rating to D+, equivalent to a baseline credit assessment of baa3, from C-/baa1, and affirmed Bmsag's short-term deposit rating at Prime-2.
The outlook is stable.
Moody's said the action follows Morgan Stanley's April 30 announcement that it agreed to sell its private banking business in Switzerland, currently conducted through Bmsag, to Bank J. Safra Sarasin. In addition, prior to the sale, Morgan Stanley's Asian wealth management business, conducted through Bmsag's branches in Hong Kong and Singapore, will be transferred to unnamed Morgan Stanley affiliates.
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