For the second year in a row, Morgan Stanley was ranked the Best High Grade Research Team in Euromoney's annual poll of investors, published April 2002.

In addition, the Firm topped the rankings in five categories and was among the top three in eight out of nine rankings across all the Investment Grade and ABS categories surveyed.

Cathy Gronquist, director of international credit research, attributes her team's triumph to "focusing on what clients really want. . . research that's readable, clear, consistent and executable."  Client-centricity played a significant role in the team's success as evidenced by Euromoney's citation that "Morgan Stanley's competitors suspect that its credit analysts spend more time talking to investors and less writing long research reports."

Methodology: 940 investors at 654 institutions cast votes.  Completed questionnaires were received by 73 of the groups ranked by assets under management in the Institutional Investor Euro 100 league table.

Results:
Best Overall Research Team in High Grade
1. Morgan Stanley
2. Goldman Sachs
3. Merrill Lynch

Best in High Grade General Industrials
1. Morgan Stanley, David Meade & Team
2. Merrill Lynch
3. Deutsche Bank

Best in High Grade Autos
1. Morgan Stanley, David Meade & Team
2. UBS Warburg
3. BNP Paribas

Best in High Grade Consumer Products and Retail (including Tobacco)
1. Morgan Stanley, Ilona Brom & Team
2. JP Morgan
3. Goldman Sachs

Best in High Grade Financial Institutions
1. Morgan Stanley, Jackie Ineke, Olivia Guillard, & Team
2. Merrill Lynch
3. CSFB

Best in High Grade Credit Strategy
1. Goldman Sachs
2. Morgan Stanley, Neil McLeish, Steve Dulake & Team
3. Merrill Lynch

Best in High Grade Telecoms
1. Goldman Sachs
2. Deutsche Bank
3. Morgan Stanley, Matthew James & Team

Best in ABS
1. Morgan Stanley, Chip Schorin, Rob Paterson & Team
2. Deutsche Bank
3. Merrill Lynch

Best in High Yield Telecoms, Media, Technology
1. Merrill Lynch
2. Deutsche Bank
3. CSFB
4. Morgan Stanley, Steve Franck, David Gladstone & Team