Fitch Ratings affirmed Morgan Stanley and Goldman Sachs Group Inc. in conjunction with the rating agency's periodic review of the global trading and universal banks.

Fitch affirmed the A long-term and F1 short-term issuer default ratings of Morgan Stanley, the A+ long-term and F1 short-term issuer default ratings of Morgan Stanley Bank NA, and the F1 short-term issuer default rating of Morgan Stanley Canada Ltd. The outlook is stable.

The rating agency affirmed the A long-term and F1 short-term issuer default ratings of Goldman Sachs Group, Goldman Sachs International, Goldman Sachs International Bank, Goldman Sachs AG and Goldman Sachs Paris Inc. Et Cie SCS, as well as the A+ long-term and F1 short-term issuer default ratings of Goldman Sachs Bank USA and Goldman Sachs & Co.

The outlook on Goldman Sachs Group, Goldman Sachs Bank, Goldman Sachs & Co., Goldman Sachs AG and Goldman Sachs Paris is stable. The outlook on Goldman Sachs International and Goldman Sachs International Bank was revised to stable from positive.

Fitch said Morgan Stanley's ratings and outlook recognize the company's strong global franchise, continued execution of its wealth management strategy, higher than peer group capital ratios and good funding and liquidity positions.

Goldman Sachs Group's ratings and outlook are based on the company's strong franchise, differentiated risk management culture, strong capital ratios and solid liquidity position, according to the rating agency. The outlook on Goldman Sachs International and Goldman Sachs International Bank was revised since further clarity on host country internal total loss-absorbing capacity proposals continues to be delayed.