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The end may be nigh for sub-prime write downs, according to Standard & Poor’s Ratings Services.
In two reports released last week, the ratings agency said that valuation write-downs of sub-prime asset-backed securities (ABS) could reach US$285 billion ($304 billion), but that the end was now in sight.
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“The positive news is that, in our opinion, the global financial sector appears to have already disclosed the majority of valuation write-downs of sub-prime ABS,” Standard & Poor’s credit analyst Scott Bugie said.
“But right now, market forces are placing further downward pressure on valuations and we expect to see more write-downs related to these pressures in coming weeks and months,” he said.
Published: 17-03-08
