S&P Begins Downgrading Municipalities

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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.