S&P, Moody's eye $17.3 bln in subprime rating cuts
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Two leading rating agencies on Tuesday started to slash ratings for more than $17.3 billion of mortgage-related debt, rattling global financial markets amid fears that growing problems in the risky subprime market could spread to the wider economy.
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U.S. shares were poised to start  slightly weaker on Tuesday as investors look past potential  merger activity to a Federal Reserve that is expected to raise  borrowing costs.
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U.S. stock investors looking to recoup  from the worst week in almost three months will have to keep  one eye out for signs of weakness in the tidal wave of earnings  due next week and the other on the threat surging oil prices  pose to the economy and profits.
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Credit analysts warned on Monday that if Moody's Investors Service downgraded some specialist bond insurers it could have far-reaching impact on financial markets.
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The following equity and convertible debt offerings are expected this week:.
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Standard &amp; Poor&#39;s on Monday said it may cut the credit rating of Exelon Corp. (EXC.N: Quote, Profile, Research) after the largest US nuclear power company said it was buying Public Service Enterprise Group Inc.
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U.S. banking regulators plan to  issue guidance on the subprime mortgage market as early as  Thursday afternoon, two sources familiar with the matter told  Reuters on Wednesday.
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Stock index futures fell on Wednesday  as news that deep losses on subprime mortgage bonds have left  two Bear Stearns hedge funds almost worthless further worried  investors already edgy after lackluster results from Intel  Corp.  and Yahoo Inc.
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Prospects for a huge downgrade of subprime-related debt have boosted chances that the Federal Reserve will need to prop up the U.S. economy with a rate cut some time in the next year.
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Bear Stearns Cos Inc's management shake-up could make the investment bank a takeover target, but the possibility of more write-downs and chance of legal entanglements from the subprime mortgage crisis could sideline suitors for now, analysts said on Tuesday.
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Bear Stearns Cos. Inc.  on Friday said it would provide up to $3.2 billion in financing for a struggling hedge fund it manages, raising concern about other funds that invested in bonds linked to subprime mortgages.
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Shares on Wall Street looked set for  a weaker start on Wednesday as concerns about the U.S. subprime  mortgage market resurfaced ahead of U.S. housing and key  inflation data and a slew of corporate earnings.
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Bear Stearns Cos. Inc.  on  Friday said it will provide up to $3.2 billion in financing for  a struggling hedge fund it manages, but sources said a second  fund is still working out a restructuring plan with creditors.
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The shares of U.S. commercial and  investment banks fell on Tuesday after two bond rating agencies  started to downgrade billions of dollars of securities backed  by subprime bonds, triggering concerns that bond sales and  lending businesses could slow.
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Procter &amp; Gamble Co. and SBC Communications Inc. led borrowers of $39 billion in the US bond market last month, as borrowing costs fell to a four-month low and corporate debt strengthened against government securities.
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Moody's Corp. MCO.N, the parent of  credit rating agency Moody's Investors Service, on Wednesday  said quarterly profit rose 43 percent, beating estimates,  helped by a falling U.S. dollar and growing demand for ratings  of junk bonds and bank loans.
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(Corrects to show Moodyâs cut ratings on some collateralized debt obligations, not AMBAC shares in final 2 paragraphs)