Conseco Inc., whose bonds have been downgraded by every major rating agency in the past month as a result of the company's sharply lower-than-expected first-quarter earnings, may not expect to see those ratings increase any time soon.

The troubles of its financial subsidiary, Conseco Finance, also helped contribute to the downgrading, and the company has recently entered an agreement in which $1.5 billion in receivables from the finance unit would be purchased by Lehman Brothers Holdings Inc.

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