Oppenheimer's Whitney Sees More Write-Downs At Citi, Merrill and UBS Due To Bond Insurers Downgrade
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Oppenheimer analyst Meredith Whitney said Citigroup (NYSE: C), Merrill Lynch (NYSE: MER) and UBS (NYSE: UBS) may post write-downs of an additional $10 billion after the two largest bond insurers, MBIA (NYSE: MBI) and Ambac (NYSE: ABK), lost their AAA ratings last week.
Whitney said, "Without the top credit ratings, monolines will have a more difficult time generating new business. The limited earnings potential on monolines poses risk to the value of the insurance and hedges on the subprime related securities provided to the banks and brokers."
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