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S&P gets dropped by municipalities

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.

About the author

Kai Ryssdal is the host and senior editor of Marketplace, public radio’s program on business and the economy.

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