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Standard & Poor

Ratings agency Standard & Poor's served notice that it planned to downgrade the U.S. Government's AAA credit rating but is reconsidering, a senior Obama administration official said.

The official said the agency acknowledged some errors after the administration challenged S&P's analysis of the government's revenue and deficit picture.

The source, a senior official involved in the discussions, insisted the agency was off by "trillions" in its economic model.

The AAA rating enables nations to borrow funds at lower costs because their governments are considered stable and their bonds safe. Ref. CNN

Poor and Standard

Looks like the Obama Administration weren't able to convice Standard & Poor well enough and will now have to live with the downgrade:

Standard & Poor History & Civil Business Politics

S&P cuts Israeli bonds guaranteed by U.S. To 'AA+':

Standard & Poor's Ratings Services on Monday lowered the ratings on U.S.-guaranteed bonds issued by the Israeli government to AA+ from AAA. Ref. Source 1

Poor and Standard

Why S&P Was Right To Downgrade U.S. Debt
By Philip Greenspun


The U.S. Almost surely will default on some of its currently acknowledged obligations. The only question is whether it will be public employee pensions, Social Security, Medicare, or bonds. Ref. Source 2

Poor and Standard

Standard & Poor's says the government plans to file a lawsuit alleging wrongdoing by the agency when it gave high ratings to mortgage-backed securities that later plunged in value and fueled the 2008 financial crisis. S&P said Monday that it has been told by the Department of Justice that it intends to file a civil lawsuit focusing on S&P's ratings on some mortgage-backed securities in 2007. The ratings agency denies any wrongdoing and says any lawsuit would be without factual or legal merit. There was no immediate comment from the Justice Department. Ref. USAToday

Standard & Poor

Russia, China Agree to Create Joint Ratings Agency:

The Russian minister stressed the plan was to make the agency apolitical. The decision came after the US-based Standard and Poor's downgraded Russia's credit rating from BBB to BBB- in April, following Crimea's accession to Russia. Ref. Source 7