Lehman Brothers' credit protection costs rise 65 bps

NEW YORK, March 17 (Reuters) - The cost of protecting Lehman Brothers' debt rose on Monday after a fire sale of Bear Stearns and an emergency Federal Reserve liquidity move sparked fears of more damage from the global credit crisis.

The cost of protecting Lehman Brothers LEH.N debt with credit default swaps widened by 65 basis points to 515 basis points, or $515,000 a year for five years to protect $10 million of debt, according to data from Phoenix Partners Group. Bear Stearns' BSC.N credit default swaps narrowed by 370 basis points to 360 basis points after it agreed to be acquired by JP Morgan (JPM.N), a stronger company. JP Morgan's swaps widened by 25 basis points to 215 basis points, according to Phoenix Partners. (Reporting by Dena Aubin; Editing by Theodore d'Afflisio)