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Article: Moody's cuts credit ratings on about 2,000 subprime bonds: report
- Article from:
- Xinhua News Agency
- Article date:
- October 12, 2007
CopyrightCopyright 2007 Xinhua News Agency. Provided by ProQuest LLC. (Hide copyright information)
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Moody's cuts credit ratings on about 2,000 subprime bonds: report
WASHINGTON, Oct. 12 (Xinhua) -- Moody's Investors Service slashed
credit ratings on about 2,000 bonds backed by subprime home loans
that were originally valued at 33.4 billion U.S. dollars, in its
largest wave of downgrades, The Wall Street Journal reported Friday.
The New York ratings company said Thursday it does not expect
another bigger round of cuts for such bonds unless conditions in the
housing markets deteriorate significantly.
The latest downgrades affected 7.8 percent of the original value
of bonds backed by first-lien subprime mortgages that were issued in
2006. All of them are rated A and below.
In July, the rating ...