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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fresenius SE & Co KGaA | TG:FRE | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.39 | -1.29% | 29.80 | 29.68 | 29.92 | 30.33 | 29.73 | 30.12 | 27,328 | 22:50:02 |
DOW JONES NEWSWIRES
Standard & Poor's cut its ratings on about $30.9 billion of U.S. prime jumbo residential mortgage-backed securities transactions issued in 2007 because of higher projected losses on high-priced homes.
The rating agency lowered ratings on 620 classes from 49 transactions and removed 85 of them from watch for possible downgrade. Many were lowered from AAA status.
S&P affirmed its ratings on 186 classes from 28 of the downgraded transactions issued between 2006 and 2007, including 23 downgraded deals. It also removed three of the affirmed ratings from watch for downgrade.
Jumbo loans, which are a minimum of $417,000, generally carry higher interest rates because they are too big to be guaranteed by Fannie Mae (FNM) or Freddie Mac (FRE). S&P said it expects a 40% loss severity on prime jumbo collateral originated in 2006 and 2007.
S&P has said it expects loan losses to mirror 1999, which before 2005 was the worst year in the past decade in terms of foreclosures on homes with jumbo loans. The ratings agency expects the 2007 losses to top the losses on the 1999 loans, but expects the losses' timing to be more similar to that year than any other.
- By John Kell, Dow Jones Newswires; 201-938-5285; john.kell@dowjones.com
1 Year Fresenius SE & Co KGaA Chart |
1 Month Fresenius SE & Co KGaA Chart |
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