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.