The Morgan Stanley and Dean Witter, Discover Co. merger has won rave reviews from ratings analysts, who suggest that it is just a matter of time before more such mergers occur.

Last week, Duff & Phelps Credit Ratings Co., which doesn't rate Morgan Stanley debt, but does cover Dean Witter Discover, placed the retail broker on positive rating watch, because of the increase in assets and competitive advantages the deal will bring.

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