Fresh credit fears as S&P cuts US bank ratings
Shares in US investment banks fell sharply yesterday as a number of Standard & Poor's (S&P) credit downgrades sparked fears of fresh write-downs and further losses in second quarter trading.
S&P lowered ratings for Morgan Stanley, Merrill Lynch and Lehman Brothers, citing a negative outlook for all three banking giants. Lehman Brothers took the hardest hit, its share price fell 8.1% after...
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