Movers: Countrywide, Sun Microsystems, ACS, Microsoft, Yahoo
Countrywide Financial (CFC) is down 0.23 to 5.82 after Standard & Poor's Ratings Services lowers its ratings on the company to junk status. S&P Ratings cuts CFC and its Countrywide Home Loans Inc. to BB+/B from BBB+/A-2; its rating on Countrywide Bank fsb to BBB/A-3 from A-/A-2. The rating actions were due to disclosure in Bank of America's (BAC) May 1 Form S-4/A filing relating to terms of the merger between BAC and CFC, a new reference regarding treatment of CFC's indebtedness.
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