S&P may cut $26 bln of CDOs backed by mortgages

NEW YORK, July 21 (Reuters) - Standard & Poor's on Monday said it may cut its ratings on 200 classes of 57 collateralized debt obligations backed by residential mortgage-backed debt, due to continuing deterioration in the securities underlying the deals.

The CDOs represented around $26 billion in debt at the time of their issuance, S&P said. The deals span the full ratings spectrum, from the top "AAA" to "CCC-minus," nine steps below investment grade.

To see the full release, double-click on [ID:nWNA2210]. (Reporting by Karen Brettell; Editing by Jonathan Oatis)