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.

Though the recent agreement with Lehman Brothers, in which the investment bank is expected to purchase $1.5 billion in loans from Conseco, the capital relief just isn't enough to boost the bonds, said the ratings agencies.

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