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S&P cuts, may cut up to $534 bln of subprime bonds  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics Author Message Senior Manager Joined: 30 Jul 2007 Posts: 385 Location: Europe Schools: St. Gallen '09 Followers: 6 Kudos [?]: 59 [0], given: 5 S&P cuts, may cut up to$534 bln of subprime bonds [#permalink]

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30 Jan 2008, 15:08
http://www.reuters.com/article/bondsNew ... 3420080130

NEW YORK, Jan 30 (Reuters) - Standard & Poor's on Wednesday said it cut or may cut its ratings on $270 billion worth of U.S. mortgage-backed securities while putting$264 billion of collateralized debt obligations on watch for a possible downgrade.

The ratings action affects 6,389 classes of U.S. residential mortgage-backed securities backed by first-lien subprime loans and 1,953 ratings from 572 global CDOs backed by asset-backed securities and other CDOs.

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Gold is the ultimate protection in these situations. It's getting really really ugly out there.