S&P downgrades assesment of Morgan Stanley - Papers 31st March

The bank’s outlook rating has been reduced from “positive” to “stable”. There are only three possible outlook ratings, the worst being “negative”.The Times says the outlook downgrade does not immediately affect Morgan Stanley’s credit rating, which remains at A plus for long-term debt and A1 for short term. Purcell forced the resignation of two senior executives this week to thwart an attempt at a boardroom coup says the paper. He wants the bank’s staff and its investors to believe that the dismissals put an end to the management unrest. The banking chief reshuffled management after c...