by Calculated Risk on 1/11/2008 02:42:00 PM

From the WSJ: S&P Slashes CDO Ratings (hat tip Barley)

Standard & Poor's lowered its ratings on 149 tranches from 31 U.S. cash flow and hybrid collateralized debt obligation transactions worth a total of $8.74 billion.
...
All of the downgraded tranches come from mezzanine structured finance CDOs of asset-backed securities, high-grade structured finance CDOs of asset-backed securities, or CDO of CDO transactions collateralized by U.S. residential mortgage-backed securities.

Isn't it a little early in the day for a Friday afternoon Ratings Massacre?