Reply #74: S&P cuts Refco's debt ratings to default [View All]

[UpInArms]

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-10-18T172915Z_01_N18337126_RTRIDST_0_FINANCIAL-REFCO-S-P-URGENT.XML

NEW YORK, Oct 18 (Reuters) - Standard & Poor's on Tuesday cut its rating on Refco Group Ltd. to default, citing the bankruptcy filing of its parent Refco Inc. (RFXCQ.PK: Quote, Profile, Research).

The debt rating downgrades come after Refco Inc. announced some of its subsidiaries filed for bankruptcy protection, S&P said.

The futures and commodities firm has battled a widening accounting scandal after its Chief Executive Phillip Bennet was charged last week with securities fraud.

S&P cut the Refco Group's long-term counterparty credit and senior debt rating to "D" or default, from "CC." The ratings agency also cut the subordinated debt rating to "D" from "C."

1:20pm 10/18/05 S&P CUTS REFCO GROUP LTD. SUBORDINATED DEBT RATING TO 'D'

1:21pm 10/18/05 S&P CUTS REFCO GROUP LTD. COUNTERPARTY CREDIT RATING TO 'D'

1:19pm 10/18/05 S&P CUTS REFCO GROUP LTD. SENIOR DEBT RATING TO 'D'

1:18pm 10/18/05 S&P DOWNGRADES REFCO GROUP LTD. RATINGS