by Calculated Risk on 2/13/2008 06:48:00 PM

From the WSJ: S&P Cuts Ratings On $6.75 Billion In CDO Tranches

Standard & Poor's lowered its ratings on 66 tranches with a total value of $6.75 billion, from 10 U.S. cash-flow and hybrid collateralized-debt-obligation transactions.
...
So far, S&P has cut ratings on 1,567 tranches from 434 U.S. cash-flow, hybrid, and synthetic CDO transactions ... In addition, 2,305 ratings from 589 transactions are on watch for possible downgrades. The affected CDO tranches have a total value of $343.63 billion.

The slow steady drumbeat of downgrades continues ...