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S&P cuts Lehman to SD
Standard & Poor's said it lowered its long-term counterparty credit rating on Lehman Brothers Holdings Inc. to SD, or selective default, meaning payments may not be made on some financial obligations, from A.
The agency said it also removed the rating from CreditWatch, where it had been placed with developing implications on Sept. 12.
The downgrade followed its lowering of Lehman's preferred stock issues to D from BBB+, S&P noted.
At the same time, the agency said it lowered Lehman's senior unsecured debt issues to CCC- from A, and its subordinated debt issues to C from A-.
Meanwhile, the agency said it lowered the long-term counterparty credit and issue ratings on most of Lehman's other subsidiaries to BB-.
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