Backlash over US downgrade

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.