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S&P: Lehman on watch
Standard & Poor's said it placed its ratings, including the A long-term and A-1 short-term counterparty credit ratings, on Lehman Brothers Holdings Inc., and ratings on all related entities on CreditWatch with negative implications.
According to the agency, the CreditWatch listing stems from heightened uncertainty about Lehman's ability to raise additional capital, based on the precipitous decline in its share price in recent days.
Lehman's capital ratios appeared adequate as of the May 31, end of its second quarter, the agency noted.
However, the agency said it now believes that the company incurred a substantial net loss in the third quarter because of persisting difficult conditions in the investment-banking trading markets and write-downs from deteriorating market valuations of its mortgages and mortgage-related securities.
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