Morgan Stanley Private Bank Assigned 'A+/A-1' Ratings; Outlook Stable

  • Morgan Stanley collects deposits from and makes loans to its wealth management clients in part through Morgan Stanley Private Bank N.A. (MSPBNA), a commercial bank subsidiary, making that entity integral to the group's strategy.
  • We are assigning our 'A+/A-1' issuer credit ratings and 'A+/A-1' resolution counterparty ratings to MSPNBA, in line with Morgan Stanley's other core subsidiaries, reflecting our view that the group would provide support to MSPBNA under all foreseeable circumstances, if needed.
  • The stable outlook on our rating on MSPBNA reflects the stable outlook on Morgan Stanley because we link their ratings to the company's group credit profile.
On Jan. 11, 2019, S&P Global Ratings assigned its 'A+/A-1' long- and 
short-term issuer credit ratings and 'A+/A-1' long- and short-term resolution 
counterparty ratings to Morgan Stanley Private Bank N.A. (MSPBNA). The outlook 
on the ratings is stable.

We consider MSPBNA a core subsidiary of Morgan Stanley (MS)--and rate it 
equally to the group's other core subsidiaries--because it provides crucial 
lending and deposit services to the group's wealth management clients, shares 
the group's name, and contributes meaningfully to the group's assets, funding, 
and earnings. As a result, we believe the group would likely provide MSPBNA 
with support under any foreseeable circumstances.

The stable outlook on MSPBNA matches our outlook on MS, and we expect the 
ratings to move in unison with our ratings on other MS core subsidiaries. 
Absent a change in our rating on MS, we will only change our rating on MSPBNA 
if we alter our view of its strategic importance to the group, which we view 
as very unlikely.