Standard & Poor's rating service lowered the ratings of Lehman Brothers, Merill Lynch, and Morgan Stanley today, with long term ratings going from A+ to A and the short term ratings to A-1. Scary is the reasoning behind the downgrades, "The downgrade primarily reflects our concern that the pace and extent of earnings improvement could be considerably more muted than we previously assumed.”
Uh-oh, are they telling us there may be more to come? Worse yet, are they telling us their assumptions aren't necessarily good, and therefore, maybe we shouldn't be listening to them anyway??
Draw your own conclusions . . . The release from S&P follows. . . I'm betting we've only begun . . .
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