S&P cuts Morgan Stanley counterparty view to negative

Standard & Poor's said it changed its outlook on the A+/A-1 counterparty credit ratings on Morgan Stanley and its rated subsidiaries, with the exception of Discover Bank, to negative from stable.

S&P said the outlook change reflects S&P's concerns over the continuing departures of senior management within the Institutional Securities Division and the resulting strategic flux and uncertainty. Within the past few weeks, there have been several departures among senior managers in equity trading and investment banking. These departures indicate a serious rift between senior management of Morgan Stanley and the management of its most important division.

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