S&P Downgrades Bear Stearns

Credit rating agency Standard & Poor's said Thursday it lowered its long-term counterparty credit rating on Bear Stearns Cos. to "A" from "A+" because of its plans to write down $1.2 billion in collateralized debt obligation and subprime mortgage exposure.

The lowered rating is still considered investment grade.

CDO's are complex financial instruments that combine slices of debt, many of which are backed by subprime mortgages - loans given to customers with poor credit history. As those mortgages have increasingly gone into default, the value of the CDOs has declined.

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- Posted: 2007-11-15 09:54:09

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