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Moody's Raises Goldman Sachs' Rating

August 10, 2002|Reuters

Moody's Investors Service on Friday raised Goldman Sachs Group Inc.'s long-term credit ratings, saying the Wall Street bank enjoys high market shares in its merger, equity and brokerage businesses.

The upgrade marks a break from the gloom that has settled over many investment and commercial banks suffering from underwriting declines, exposure to such risky credits as WorldCom Inc. and Argentina, and more exacting scrutiny of their research practices.

Moody's raised Goldman Sachs' senior unsecured debt one notch to Aa3 from A1. Goldman shares rose $1.15 to $75.45 on the New York Stock Exchange.

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