Backlash over US downgrade

 

Stephen Foley Author Biography

Stephen Foley

Stephen Foley is a former Associate Business Editor of The Independent, based in New York. He left in August 2012. In a decade at the paper, he covered personal finance, the UK stock market and the pharmaceuticals industry, and had also been the Business section's share tipster. Between arriving with three suitcases in Manhattan in January 2006 and his departure, he witnessed and reported on a great economic boom turning spectacularly to bust. In March 2009, he was named Business and Finance Journalist of the Year at the British Press Awards.

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New York

Friday 19 August 2011

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Standard & Poor's, the credit rating agency, is trying to forestall a backlash from local governments in the US, which were outraged when the company downgraded the US credit rating earlier this month.

The city of Los Angeles has become the largest municipality to fire S&P, which it had hired to rate the city's investment portfolio. Manatee county in Florida and San Mateo county in California have also dropped the agency, and at least one other county in Florida is expected to follow suit.

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