S&P May Cut More Rat­ings

The Washington Post - - National -

Stan­dard & Poor’s said it cut or may re­duce rat­ings of $534 bil­lion of subprime-mort­gage se­cu­ri­ties and col­lat­er­al­ized debt obli­ga­tions as home loan de­faults rise. The down­grades may ex­tend losses at the world’s banks to more than $265 bil­lion, S&P said.

The se­cu­ri­ties rep­re­sent $270.1 bil­lion, or 47 per­cent, of subprime mort­gage bonds rated from Jan­uary 2006 to June 2007, S&P said. The rat­ings com­pany also said it may cut 572 CDOs val­ued at $263.9 bil­lion.

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