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08-09-2011, 08:17 AM #1
S&P Cuts AAA Rating On Thousands Of Municipal Bonds
S&P Cuts AAA Rating On Thousands Of Municipal Bonds
ZeroHedge
Tyler Durden
The much awaited cut by S&P of thousands of municipal bonds following its August 5 downgrade of the US has arrived. Per Bloomberg: "The rating company assigned AA+ scores to securities in the $2.9 trillion municipal bond market including school- construction bonds in Irving, Texas; debt backed by a federal lease in Miami; and a bond series for multifamily housing in Oceanside, California. Olayinka Fadahunsi, an S&P spokesman, said he couldn’t provide a dollar figure on the affected debt. “It’s expected, but nobody is happy about it,â€Join our FIGHT AGAINST illegal immigration & to secure US borders by joining our E-mail Alerts at http://eepurl.com/cktGTn
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