Credit rating agency Fitch has just downgraded Lehman to D, the lowest mark on its scale.
Fitch Ratings-Chicago-15 September 2008: Fitch Ratings has downgraded the long- and short-term Issuer Default Ratings (IDRs) and outstanding debt ratings of Lehman Brothers Holdings Inc, (LBHI), parent of Lehman Brothers Inc and other subsidiaries as follows:
–Long-term IDR to ‘D’ from ‘A+’;
–Short-term IDR to ‘D’ from ‘F1′;
–Senior debt to ‘CCC’ from ‘A+’;
–Subordinated debt to ‘C’ from ‘A’;
–Preferred stock to ‘C’ from ‘A’.
We await the latest from Moody’s and S&P.
Lehman has also just been declared a defaulter by the London Metal Exchange.