Abstract: NEW YORK (Standard&Poor's) Sept. 15, 2008--Standard&Poor's Ratings Services said today that it lowered its long-term counterparty credit rating on Lehman Brothers Holdings Inc. (Lehman) to 'SD' (selective default, meaning payments may not be made on some financial obligations), from 'A'. We also removed the rating from CreditWatch, where it had been placed with developing implications on Sept. 12, 2008. The downgrade followed our lowering of Lehman's preferred stock issues to 'D' from 'BBB+'. At the same time, we lowered Lehman's senior unsecured debt issues to 'CCC-' from 'A', and its subordinated debt issues to 'C' from 'A-'. The issue ratings remain on CreditWatch where they were placed on Sept. 12, 2008, but we have changed the

Brief Excerpt: RESEARCH Ratings Definitions Lehman Bros. Holdings Downgraded To 'Selective Default'; Other Lehman Entities To '##-' Or 'R' Publication date: 15-Sep-2008 Primary Credit Analyst: Scott Sprinzen, New York (1) 212-438-7812; scott_sprinzen@standardandpoors....

Report Type: News
Ticker: LEH
Issuer: Lehman Brothers Holdings Inc.
GICS: Investment Banking & Brokerage (40203020)
Sector: Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Financial Institutions, Global Issuers, Insurance, Public Finance, Residential MBS, Structured Finance
Country: United States
Region: United States
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 S&P Credit Research
S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.