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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.
“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
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