U.S. banking and brokerage sectors came through the third quarter in good shape despite the triple threat of Hurricane Katrina, the rush by consumers to avoid tougher new bankruptcy laws, and the collapse of commodities trader Refco Group Ltd. LLC, according to a report released today by Standard & Poor’s.

The performance of the two sectors was strong enough that the third quarter marked the first period since the final three months of 2002 that Standard & Poor’s did not lower the rating of a single bank.

“The industry did not fall off a cliff,” said Standard & Poor’s credit analyst Charles Rauch, despite pressures on margins at some banks and rising interest rates.

Consumer lending markets remained healthy and asset quality remained high, it notes. While charges at banks from Katrina-related losses passed the US$2 billion mark, most of the affected banks were large, diversified national organizations, and their sheer size and large geographic base blunted the financial impact of the disaster.

“Brokerage houses, meanwhile, which were already buoyed by strong trading results and robust investment banking business, managed to wind down their positions with the now-bankrupt Refco with no major impact,” it says.

In addition, the rush of consumers filing for bankruptcy to avoid the new tougher laws that took effect in October had little impact on the banks, S&P adds. Though the new law is mildly favorable for the banks, notes Standard & Poor’s credit analyst Tanya Azarchs, there is still relatively little upside for them: “You still can’t get blood from a stone. If consumers can’t pay, they can’t pay.”