Standard & Poor’s lowered the rating on 78 tranches of Northern Rock's Granite RMBS following increases in arrears, repossessions and losses.

Following placement on negative watch in early September, the agency downgraded all junior Granite RMBS tranches — one notch for class Ms and Bs and three notches to non-investment grade double-B territory for the class Cs. The rating agency affirmed 90 other classes.  

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