S&P lowers Lehman

Standard & Poor's said it lowered its long-term rating on Lehman Brothers Holdings Inc. to A from A+ and affirmed its A-1 short-term rating.

The outlook is negative.

The agency noted that the rating action is in conjunction with its review of the global securities industry, adding that the downgrade primarily reflects its concern that the pace and extent of earnings improvement could be considerably more muted than it previously assumed.

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