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

By Edward Harrison On Jun 2, 2008

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

banks ratings agencies

Edward Harrison 7783 posts 575 comments

Edward Harrison is a senior Editor at Bloomberg. He is also the founder of Credit Writedowns newsletter, a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

Chart of the day: Case-Shiller 2005

News Round-Up: 02 June 2008

Comments are closed.