S&P Cuts 259 Asset-Backed Bonds After European Downgrades
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Standard & Poor’s downgraded 259 European asset-backed securities after the New York-based ratings firm cut the ranking of countries including France, Italy and Spain.
S&P cut 159 bonds backed by Italian loans, 81 tied to Portuguese assets, 17 linked to French borrowers and two on Spanish debt, it said in a statement today.