Moody’s Investors Service doesn’t see the big Wall Street big firms suffering too much as a result of the September 11 attacks, at least in the short-term.

“The events of September 11th have had surprisingly little impact on the fundamental credit profile of Wall Street’s major firms, leading us to maintain a stable outlook for the major broker-dealers, at least through the medium term,” Moody’s Investors Service concluded in a teleconference.

According to Moody’s, “the big securities firms are diversified and resilient, historically surviving in a cyclical environment; moreover, they went into this crisis very profitable — albeit less so than earlier in the year.” The rating agency added that the firms are likely to remain profitable, “entering the next upswing with attractive, durable franchises intact.”

“Even if the upswing is delayed for a long time,” Moody’s said, “most large broker-dealers, through a continuation of careful cost management should management should be able defend profit margins.”

Moody’s also pointed out that the big securities houses already had entered early September with sound liquidity management and prudent portfolio positions. The rating agency noted that “concentrations of illiquid assets were being reduced, and short-term debt obligations were being funded out with longer-term debt and equity, even during the difficult third quarter before September 11th.”

“This is not to imply that all firms will be able to face the likely contraction of market activity of the next several quarters with the same strengths,” the rating agency explained.

Clearly, Moody’s said, “a stubbornly protracted downturn may eventually create conditions with rating implications for the weaker players.”