SAN FRANCISCO — Standard & Poor’s said Friday it may raise the ratings of Sotheby’s Holdings Inc. based on the company’s performance. The rating agency said it placed its Sotheby’s ratings, including the company’s BB+ corporate credit rating, on CreditWatch with positive implications. “This action reflects the company’s recent good performance due to a strong worldwide auction market and the successful implementation of its strategic initiatives,” said David Kuntz, an S&P credit analyst, in a statement.
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source: foxbusiness.com
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European stocks tumbled for a third consecutive session Monday after Swiss Re became the latest victim of the recent credit crunch.
Companies’ sub-prime exposure “will change according to developments in the underlying housing market,” said Lucy MacDonald, chief investment officer of global equities at RCM Ltd. in London.
The Dow Jones Stoxx 600 Index fell 2.2 percent to 354.70. The U.K.’s FTSE 100 Index dropped 2.7 percent to 6120.80, while France’s CAC-40 Index lost 1.7 percent to 5432.57. Germany’s DAX Index closed 1.3 percent lower at 7511.97.
Overall sentiment remained jittery, as Swiss investment bank UBS was downgraded by both Dresdner Kleinwort and CIBC on beliefs that the group has further risks of substantial subprime losses.
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