S&P cuts ratings of big U.S. banks

This just in from the Globe & Mail via Reuters:

Standard & Poor’s in a sweeping move Monday that rocked markets cut ratings on a number of major U.S. securities firms including Lehman Brothers Inc. and said outlooks on the large U.S. financial institutions are now mostly “negative.”

Other major firms downgraded were Merrill Lynch & Co. Inc. and Morgan Stanley.

“The outlooks on the large financial institutions sector in the U.S. are now predominantly negative,” the credit rating agency said in a statement.

Obviously, this is not good news for Financial institutions.

Other sources
Morgan Stanley, Merrill, Lehman Ratings Cut by S&P, Bloomberg News, 02 June 2008

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