S&P Slashes Ratings of Big Banks - by Kathu Shwiff
Standard & Poor's cut its ratings on Lehman Brothers Holdings Inc., Merrill Lynch & Co. Inc. and Morgan Stanley as the credit rater called attention to the risks in how they typically finance their operations and warned that the firms have overused hybrid securities as a means of raising capital.
S&P also increased the likelihood of potential cuts at Bank of America Corp. and J.P. Morgan Chase & Co. as write-downs continue to loom.
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