Goldman Sachs 2013 Annual Report Download - page 90
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Management’s Discussion and Analysis
Credit Ratings
We rely on the short-term and long-term debt capital
markets to fund a significant portion of our day-to-day
operations and the cost and availability of debt financing is
influenced by our credit ratings. Credit ratings are also
important when we are competing in certain markets, such
as OTC derivatives, and when we seek to engage in longer-
term transactions. See “Certain Risk Factors That
May Affect Our Businesses” below and “Risk Factors” in
Part I, Item 1A of the 2013 Form 10-K for a discussion of
the risks associated with a reduction in our credit ratings.
During the fourth quarter of 2013, as part of a reassessment
of its government support assumptions related to the eight
largest U.S. bank holding companies, Moody’s Investors
Service (Moody’s) lowered Group Inc.’s ratings on long-
term debt (from A3 to Baa1) and subordinated debt (from
Baa1 to Baa2). The table below presents the unsecured
credit ratings and outlook of Group Inc.
As of December 2013
Short-Term
Debt
Long-Term
Debt
Subordinated
Debt
Trust
Preferred 1
Preferred
Stock
Ratings
Outlook
DBRS, Inc. R-1 (middle) A (high) A A BBB 3Stable
Fitch, Inc. F1 A 2A- BBB- BB+ 3Stable
Moody’s P-2 Baa1 2Baa2 Baa3 Ba2 3Stable
Standard & Poor’s Ratings Services (S&P) A-2 A- 2BBB+ BB+ BB+ 3Negative
Rating and Investment Information, Inc. a-1 A+ A N/A N/A Negative
1. Trust preferred securities issued by Goldman Sachs Capital I.
2. Includes the senior guaranteed trust securities issued by Murray Street Investment Trust I and Vesey Street Investment Trust I.
3. Includes Group Inc.’s non-cumulative preferred stock and the APEX issued by Goldman Sachs Capital II and Goldman Sachs Capital III.
The table below presents the unsecured credit ratings of GS
Bank USA, GS&Co., GSI and GSIB. On February 21, 2014,
Moody’s assigned GSIB a rating of A2 for long-term debt
and long-term bank deposits and P-1 for short-term debt
and short-term bank deposits.
As of December 2013
Short-Term
Debt
Long-Term
Debt
Short-Term
Bank Deposits
Long-Term
Bank Deposits
Fitch, Inc.
GS Bank USA F1 A F1 A+
GS&Co. F1 A N/A N/A
GSI F1 A N/A N/A
GSIB F1 A N/A N/A
Moody’s
GS Bank USA P-1 A2 P-1 A2
GSI P-1 A2 N/A N/A
S&P
GS Bank USA A-1 A N/A N/A
GS&Co. A-1 A N/A N/A
GSI A-1 A N/A N/A
GSIB A-1 A N/A N/A
88 Goldman Sachs 2013 Annual Report