S&P downgrades AAA securities linked to risky mortgages

10/18/2007 | Wall Street Journal, The

Standard & Poor's has cut the credit ratings on $23.35 billion worth of mortgage-backed securities issued in 2007, including a large chunk of securities rated AAA. "The same risks that are apparent in the transactions issued in 2006 are also present in the 2007 transactions," noted one S&P analyst.

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