S&P sees more than $265 bln losses for financial firms

NEW YORK, Jan 30 (Reuters) - Standard & Poor's on Wednesday said total losses for financial institutions from the unfolding mortgage market problems will eventually reach more than $265 billion.

The rating agency's comment came after it said it cut or may cut its ratings on $270 billion worth of U.S. mortgage-backed securities and put $264 billion of collateralized debt obligations on watch for a possible downgrade.

(Reporting by Anastasija Johnson)