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Archiwum newsów - DJ UPDATE: S&P Cuts Bear Stearns' Long-Term Rating

2007-11-15  
DJ UPDATE: S&P Cuts Bear Stearns' Long-Term Rating
Standard & Poor's lowered its long-term credit rating on Bear Stearns Cos.
(BSC) following the investment bank's planned $1.2 billion write-down.
S&P lowered the long-term rating to A from A+, but affirmed its A-1
short-term rating.
S&P credit analyst Diane Hinton said the rating cut was a response to Bear's
announcement Wednesday that it would take a $1.2 billion write-down in its
fiscal fourth quarter on its exposure to securities tied to subprime
mortgages. The write-down would result in Bear's first-ever quarterly loss.
"The expected net loss brings to light the extent to which the company is
concentrated in fixed income businesses, which we believe is an underlying
structural weakness in revenue generation," Hinton said.
"The negative outlook on the ratings reflects our concern that the general
slowdown in Bear Stearns' core fixed income businesses could have a negative
impact on its earnings performance in the near to nośnik term," she added,
noting concerns about lawsuits regarding the collapse of two of Bear's hedge
funds this summer.
After Bear's announcement Wednesday, Moody's said it would review for
possible downgrade Bear's long-term unsecured rating of A1. It affirmed its
Prime-1 short-term ratings.
Moody's said it will "evaluate Bear's firm-wide exposure and valuations in
other asset classes," including Alt-A residential mortgages, commercial real
estate and commercial mortgage-backed securities as part of the review.
"Bear's performance through the sklep wielkopowierzchniowy inflection and dislocation has been
more challenged than at some competitors, and reflects not only tough
markets, but certain risk and strategic decisions made by the firm, " said
Moody's Senior Vice President Blaine Frantz.
Fitch on Wednesday affirmed its long-term ratings at A+, but cut short-term
issuer default and debt ratings to F1 from F1+. Its outlook was changed to
negative.
Bear's shares closed at $103.27 on Wednesday. They traded at $102.50
recently in pre-market trading.
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