Fitch downgrades Lehman to A+ from AA-

By Alistair Barr

SAN FRANCISCO (MarketWatch) -- Fitch Ratings said on Monday that it downgraded Lehman Brothers (LEH) to A+ from AA- mainly because the brokerage firm's results have become more volatile and are expected to remain that way for some time. "Lehman's Rating Outlook remains Negative because profitability is expected to be challenged with continued fixed income volatility," the agency wrote in a note. "Despite asset sales, Lehman's exposure to higher risk asset categories as a percent of Fitch core capital is higher than peers."