Goldman Sachs 2012 Annual Report Download - page 88
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Management’s Discussion and Analysis
Credit Ratings
The table below presents the unsecured credit ratings and outlook of Group Inc.
As of December 2012
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 Investors Service (Moody’s) P-2 A3 2Baa1 Baa3 Ba2 3Negative 4
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.
4. The ratings outlook for trust preferred and preferred stock is stable.
The table below presents the unsecured credit ratings of GS Bank USA, GS&Co. and GSI.
As of December 2012
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
Moody’s
GS Bank USA P-1 A2 P-1 A2
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
On January 24, 2013, Fitch, Inc. assigned GSI a rating of F1
for short-term debt and A for long-term debt.
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 our Annual Report on Form 10-K for a
discussion of the risks associated with a reduction in our
credit ratings.
86 Goldman Sachs 2012 Annual Report