Standard
& Poor's Ratings Services said today that it lowered its long-term
rating on Lehman Brothers Holdings Inc. (Lehman) to 'A' from 'A+', and
we affirmed our 'A-1' short-term rating. The outlook is negative.
JPMorgan Chase & Co. Outlook Revised To Negative; 'AA-/A-1+' Rating
Affirmed. S&P placed its 'AA-/A-1+' ounterparty credit rating on
Wachovia Corp. and its counterparty credit ratings on Wachovia's rated
subsidiaries on CreditWatch Negative.
Morgan Stanley shares off 3.5% recently while Lehman shares off 5%; Merrill shares off 4.2%.