S&P Ups Its Estimate of Bank Write-downs
On Thursday Standard & Poor's Ratings Services stated that it expected banks to record $285 billion in write-downs, hiking its estimate from a previous $265 billion. The rating agency, did say however, that Wall Street is likely more than halfway through its write-downs and the end is in sight.
Banks including Citigroup Inc. and Merrill Lynch & Co. have written off more than $150 billion of investments, in part because they are backed by home loans considered unlikely to be repaid.
Published on March 13, 2008
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