S&P Puts Merrill Lynch on CreditWatch Negative

The ratings agency believes the company's profitability will continue to come under pressure due to weak equity markets that have resulted in declining revenues

On Aug. 15, 2002 Standard & Poor's Ratings Services placed the long-term (AA-) and short-term (A-1+) credit ratings of Merrill Lynch & Co. on CreditWatch with negative implications. This rating action is due to the deteriorating environment for the profitability of all investment banks, says S&P analyst Tom Foley.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.