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Further major subprime write-downs expected by Standard & Poors

02/01/08

Further major subprime write-downs expected by Standard & Poors

06:21:13 am, by editor of MarketObservation.com, 157 words

Categories: Market research, News

Telegraph.co.uk, S&P warns sub-prime losses may hit $265bn, Feb. 1, 2008: "Losses from securities backed by sub-prime mortgages could balloon to more than $265bn (£133bn), ratings agency Standard & Poor's has warned. The latest news and analysis on the credit crisis S&P has downgraded or placed on credit watch $534bn (£268bn) worth of assets related to the ailing US sub-prime mortgage market, which the agency has warned will trigger further write-downs by a swathe of banks. The agency, which has itself faced criticism over the ratings it gave some sub-prime debt, expects that a further $175bn (£88bn) will be written down by US banks and other financial institutions. About 46pc of the securities backed by sub-prime loans that it rated in 2006 and during the first half of 2007 have now been downgraded or placed on credit watch. Thirty-five per cent of its outstanding rated collateralised debt obligations have also been placed on credit watch..."

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