Movers: Lehman Brothers, Wachovia, Marriott, China Netcom
S&P Ratings lowers its credit ratings on Morgan Stanley (MS) to A+ from AA-, Merrill Lynch (MER) to A from A+, and Lehman Brothers Holdings (LEH) to A from A+, and has a negative outlook on them. "The downgrade primarily reflects our concern that the pace and extent of earnings improvement could be considerably more muted than we previously assumed," said Standard & Poor's credit analyst Scott Sprinzen in a release.
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