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Moody's lowers E*Trade
Moody's Investors Service said it lowered E*Trade Financial Corp.'s long-term senior debt rating to B2 from Ba3, and also lowered the long-term deposit rating of its lead thrift subsidiary, E*Trade Bank, to Ba3 from Ba2.
E*Trade Bank's short-term deposit rating and rating on other short-term senior obligations were affirmed at Not Prime, and the thrift's Bank financial strength rating was downgraded to D- from D, the agency added.
The outlook for all long-term ratings at E*Trade and E*Trade Bank, including the BFSR, remains negative, the agency said.
The rating action reflects Moody's expectations that credit costs associated with E*Trades $24 billion mortgage portfolio will remain elevated through 2009 as housing prices continue to fall and economic weakness in the United States exacerbates asset quality erosion, even among the highest quality borrower segments.
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