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Downgrades hit financial sector

September 27, 2008|From Times Wire Services

Financial industry failures are causing "massive" amounts of debt downgrades, Standard & Poor's said.

As of Sept. 15, 39 financial companies representing almost $1.2 trillion of debt had had their ratings cut, compared with 14 companies that had ratings raised. For every $1 billion of financial-company debt subject to upgrades, $22.5 billion in debt is being affected by downgrades, the report said.

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