Ratings: Why S&P Cut Lehman, Merrill, Morgan Stanley

The rating agency says revenue declines for broker-dealers could worsen, and the industry slowdown could last longer than it had expected

Standard & Poor's Ratings Services on June 2 lowered its ratings on Morgan Stanley, Merrill Lynch & Co. Inc., and Lehman Brothers Holdings Inc., having updated its assessment of the major investment banks and brokers.

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