This final note today, in which S&P gets the bum’s rush.
At least three municipalities across the country have decided they no longer wish to do business with the ratings agency. The city of Los Angeles; Manatee County, Fla.; and San Mateo County, Calif., all had their credit ratings reduced by S&P last week from AAA to AA, much like the federal government.
So officials in all three places promptly canceled their contracts with S&P, contracts in which they paid S&P to rate the bonds they issue to raise capital.
Take that.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
