Monday, August 8, 2011

S&P Continues Downgrade Rampage

S&P warned (in the fine print at the end of the US downgrade released Friday night) that they would announce numerous further downgrades on Monday (that's today) including US agency debt (that's Fannie and Freddie).

The suddenly righteous ratings agency has announced its first 2 downgrades of the day with the market open.

  • Options Clearing Cut to AA+ From AAA by S&P, Outlook Negative - no counterparty risk?
  • Natl Securities Clearing Cut to AA+ from AAA by S&P, Outlook Neg
We'll keep you updated as the rest of the downgrades are announced.