Moody's Investors Service said in a report that  it expects further write-downs for the large European banks' structured finance portfolios resulting from continued widening in U.S. subprime RMBS spreads and deterioration in the credit quality of financial guarantors.

Although the agency said the second-quarter impact on these banks is likely to be significantly less than what has been observed in the first quarter of 2008, it could, however, be substantial in a few cases.

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