Standard & Poor's says it placed Lehman Brothers' ratings on a negative watch.
The ratings agency cited uncertainty surrounding the investment bank's ability to raise capital amid a "precipitous" decline in its share price. Lehman shares have fallen sharply in recent days amid speculation the bank is running out of options to raise fresh capital to shore up its balance sheet.
The negative watch means there is a 50 percent chance Lehman's ratings will be cut in the next three months.
The New York-based bank carries an investment-grade long-term counterparty rating of "A." Its short-term counterparty credit rating is "A-1."
Shares of Lehman fell $4.71, or 33.3 percent, to $9.44.
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