S&P cuts Lehman Brothers Financial, Derivative

Standard & Poor's said it lowered its ratings on Lehman Brothers Financial Products Inc. and Lehman Brothers Derivative Products Inc.

At the same time, the agency said that it placed its ratings on Lehman Brothers Derivative on CreditWatch with negative implications while the ratings on Lehman Brothers Financial remain on CreditWatch negative, where they were placed Sept. 25.

According to the agency, the ratings on Lehman Brothers Financial reflect its view regarding the decision by the board of directors to declare a voluntary bankruptcy and the uncertainty surrounding the bankruptcy court's potential decision on the outstanding swap positions.

Affected ratings include Lehman Brothers Derivative at foreign currency CCt and local currency CCt, both down from AAAt, as well as Lehman Brothers Financial's issuer credit rating down to B from AAAt and foreign and local currency to CC from AAA.

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