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S&P places RAIT Financial servicer rankings on CreditWatch negative

S&P Global Ratings placed its average rankings on RAIT Financial Trust on CreditWatch with negative implications and revised the company's financial position to insufficient from sufficient, based on the rating agency's servicer evaluation criteria.

The negative CreditWatch placement reflects the possible decline in quality of the company's operations and S&P's belief that RAIT Financial may not maintain adequate servicing duties, given its insufficient cash liquidity as of Sept. 30 and expected liabilities over the next 12 months.

S&P Global Market Intelligence and S&P Global Ratings are both owned by S&P Global Inc.