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Moody's cuts E*Trade
Moody's Investors Service said it lowered its rating outlook on E*Trade Financial Corp. (senior debt at Ba2) and its lead thrift subsidiary, E*Trade Bank (LT deposits at Baa3) to stable from positive.
This followed the company's announcement that, due to the continuing deterioration in the credit quality of its ABS portfolio, it will report higher than previously anticipated impairment charges in 4Q07, the agency said.
Although Moody's said it believes that E*Trade's core earnings, capital and liquidity remain healthy and continue to lend support to its Ba2 rating, the remaining exposure from its mortgage-related portfolio is likely to have a negative impact on earnings and profitability over the next several quarters.
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