Fitch upgrades Lehman Brothers ratings |
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Published
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Thu, 28 Jun 2007 20:25
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CHICAGO (AP) - Fitch Ratings on Thursday said it upgraded ratings of investment bank Lehman Brothers Holdings Inc., including its long-term issuer default rating.Fitch also upgraded all of Lehman's subsidiary ratings, including Lehman Brothers Inc.Lehman Brothers Holding Inc. long-term issuer default rating and senior unsecured debt rating were upgraded to 'AA-' from 'A+.' Both are investment-grade ratings.Fitch affirmed Lehman's short-term ratings. The ratings outlook is stable.Fitch said in a statement that the ratings upgrade and affirmation is due to improved revenue and earnings diversification by product and geography.'The strong financial results reported in the first and second quarters of 2007 were a factor in the upgrade as it demonstrated Lehman's strong management capabilities and broader market presence despite the volatility in one of its leading businesses.,' Fitch said in a statement.Lehman shares fell 16 cents to $76.03 in afternoon trading.------------------Questions or comments about this story should be directed to the Financial News desk of The Associated Press at 212-621-7190.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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