Fitch rates Goldman perpetual floaters A+

Fitch Ratings said it assigned The Goldman Sachs Group Inc. depositary shares/preferred stock rating of A+ to the perpetual, noncumulative, floating-rate issue. In addition, Fitch upgraded to A+ from A the trust preferred rating of capital securities issued by Goldman Sachs Capital I. These trust preferreds were priced Feb. 12, 2004.

Goldman's ratings are supported by its premier investment banking franchise. In highly competitive advisory and underwriting markets, the company has maintained lead positions. The company continues to exhibit strong liquidity management since becoming a publicly traded company. Leverage is consistent with peers but remains significantly below levels of the prior private entity.

Litigation and regulatory risks remain legitimate, ongoing concerns, however, since there are a number of judicial, regulatory, and arbitration matters outstanding.

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