S&P Begins Downgrading Municipalities

Zeke Miller
Business Insider

Standard & Poor’s has begun to downgrade states and municipalities Monday morning after stripping the federal government of its ‘AAA’ rating.

While not unexpected, the move has far-reaching implications for thousands of local governments already burdened by steep deficits.

Among those affected so far:

  • Tacoma, WA.
  • Atlanta Downtown Development Authority, GA.
  • The Board of Governors of the University of North Carolina
  • Miami, FL.

Additional federal debt was also downgraded, including some issued by The Architect of the Capitol and the Department of Transportation.

Related: “So S and P downgraded Fannie Mae and Freddie Mac today. You don’t say? Well done guys – I wish I could miss super obvious things like that for a half decade or more and still have a job…” at Chicago Boyz

Comments are closed.