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S&P affirms E*Trade
Standard & Poor's said it affirmed its B+ rating on E*Trade Financial Corp. as a result of the announcement that E*Trade will purchase BrownCo, a discount on-line broker with about 200,000 active customer accounts, from J.P. Morgan Chase & Co.
The outlook on E*Trade is stable.
S&P said the rating affirmation does not affect the BB counterparty credit rating or stable outlook of E*Trade Bank.
The agency noted the acquisition of BrownCo provides strategic benefits to E*Trade at a critical time when the industry is rapidly consolidating and companies vie for acquisition targets in an attempt to gain scale and market power.
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