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Fitch says Lehman rating will be cut without a deal

Fri Sep 12, 2008 12:49pm EDT

NEW YORK, Sept 12 (Reuters) - Lehman Brothers Holdings Inc's LEH.N ratings will be cut in the "near term" if the investment bank does not reach a deal to shore up its capital, a senior Fitch analyst said on Friday.

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"All three rating agencies have them on rating watch negative," Fitch analyst Eileen Fahey said in an interview on Friday. "In the absence of any deal, there will be downgrade."

Fitch put Lehman on ratings watch negative on Tuesday, warning any downgrade of Lehman's "A-plus" rating, the fifth highest, could be by more than one notch. Lehman's subordinated debt is rated one notch lower at "A." (Reporting by Walden Siew, Editing by Chizu Nomiyama)

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