us banks & brokers 2006 sector outlook ian jaffe bear stearns acted as financial advisor to time warner in the announced transaction between comcast and adelphia rendered a fairness opinion verizon its with mci provided advice sovereign bancorp independence community bank corp analyst certification is located on last page of this report 2 depository institutions anticipating some slippage credit fundamentals while we expect continue reflect decent accordingly overall ratings stability during supported by adequate earnings power containable deterioration asset quality metrics relative balance sheet profiles think it will become increasingly evident throughout year beginning 4q05 that industry s operating cycle actually peaked more than ago our expectation for currently incorporates consensus economic 3 5 gdp growth well flattish national housing price environment key issues trends obvious implications consumer core
