Printer Friendly

S&P UPGRADES MERRILL LYNCH DEBT, PREFERRED STOCK RATINGS

 S&P UPGRADES MERRILL LYNCH DEBT, PREFERRED STOCK RATINGS
 NEW YORK, Jan. 10 /PRNewswire/ -- Merrill Lynch & Co., Inc. (NYSE: MER) said today it was notified by Standard & Poor's that the rating agency has upgraded its long-term debt to A+ from A, and its preferred stock to A- from BBB+. S&P affirmed the company's commercial paper rating at A-1.
 The action was the third time in two months that a major rating agency upgraded Merrill Lynch's debt and preferred stock ratings.
 On Nov. 8, Moody's upgraded the company's long-term debt to A1 and its preferred stock to "a1."
 Also on that date, Fitch upgraded Merrill Lynch's senior debt to A+ and its commercial paper to F-1+.
 Duff & Phelps Inc. in July reaffirmed Merrill Lynch's long-term debt rating at AA- and its commercial paper rating at D-1+.
 Among the reasons cited by S&P for its upgrade were "Improvements in the firm's cost structure and continued success in solidifying its strong market positions in a broad range of securities operations.
 "Merrill Lynch is unique among rated securities firms in having both the largest retail brokerage franchise in the industry and powerful market positions on the institutional side of the business as well," the agency said.
 Among other factors cited by S&P and the other rating agencies were: overall financial strength and strong liquidity, and a likely increased stability of future earnings.
 Through the third quarter of 1991, Merrill Lynch reported net earnings of $525.4 million, 225 percent above the comparable 1990 period. These nine-month earnings also surpassed the firm's previous full-year earnings record of $463.2 million in 1988.
 -0- 1/10/92
 /CONTACT: James R. Wiggins of Merrill Lynch, 212-449-7280/
 (MER) CO: Merrill Lynch & Co., Inc. ST: New York IN: FIN SU: RTG


PS-OS -- NY054 -- 8715 01/10/92 15:22 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 10, 1992
Words:304
Previous Article:COMMUNITY FACILITIES, SITE DEVELOPMENT PROGRAM FUNDS AVAILABLE
Next Article:COMAIR, THE DELTA CONNECTION, INITIATES NEW SERVICE BETWEEN RALEIGH/DURHAM AND CINCINNATI
Topics:


Related Articles
MERRILL LYNCH SENIOR DEBT RATING UPGRADED TO 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
MERRILL LYNCH COMMENT ON FITCH RATINGS UPGRADES
S&P UPGRADES MERRILL LYNCH COMMERCIAL PAPER RATINGS
MERRILL, MERRILL CANADA RATINGS AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --
MERRILL LYNCH $249 MILLION STRYPES RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
MERRILL LYNCH STATEMENT ON DUFF & PHELPS RATINGS UPGRADE
DCR RATES MERRILL LYNCH & CO., INC.'S 75 MILLION BRITISH POUND EUROBOND OFFERING 'AA'
Merrill Lynch $275 Million TOPrS Rated 'AA-' By Fitch -- Fitch Financial Wire --
Merrill Lynch AUD200 Million Senior Notes Rated 'AA' By Fitch -- Fitch Financial Wire --
S&P Affirms Merrill Lynch; Offer To Buy Mercury Asset Management

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters