BUZZ-Experian: bottom of FTSE 100 after Morgan Stanley downgrade

** Shares (Berlin: DI6.BE - news) of Experian (Other OTC: EXPGF - news) , a company best known for running consumer credit checks for banks, landlords and retailers, down 2 pct

** Stock drops to a near 7-month low, bottom of FTSE 100

** Morgan Stanley (Xetra: 885836 - news) cuts to "equal-weight" from "overweight"; cuts PT to 1,550p from 1,680p, citing rising risk in credit services -- a segment integral to growth at 56 pct of revenue

** Rapid expansion in credit since 2013 and increasing regulatory attention presents a headwind to volume growth - MS

** Credit outstanding does not drive organic growth in the core bureau. Credit demand, either from credit applications or churn between providers is more relevant - MS

** The willingness of banks to lend is integral to growth as this stimulates the demand side through increased marketing and competitive pricing; UK and US banks are expressing a reducing desire to issue unsecured credit and auto finance - MS

** With (Other OTC: WWTH - news) savings rates at historic lows and higher delinquent balances, it seems increasingly unlikely that credit growth will continue at current rate - MS

** 7 of 17 brokerages rate the stock "buy" or higher, 6 "hold" and 4 "sell" or lower; their median PT is 1,630p

** Monday's fall brings YTD losses for EXPN to 5.2 pct compared with a 2.7 pct rise for the FTSE 100, 6.9 pct rise in Stoxx Europe 600 Industrial Goods and Services index