S&P begins downgrading credit ratings linked to US, Fannie Mae + Freddie Mac

It looks like the downgrade was contagious...it is spreading quickly.

WASHINGTON — Officials at Standard & Poor’s are downgrading the credit ratings of Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt.

The agency says it has also lowered the ratings for: farm lenders; long-term U.S. government-backed debt issued by 32 banks and credit unions; and three major clearinghouses, which are used to execute trades of stocks, bonds and options.

All the downgrades were from AAA to AA+. S&P says the agencies and banks all have debt that is exposed to economic volatility and a further downgrade of long-term U.S. debt.

Link

Honestly they should have been downgraded years ago.

2nd

reply to post by Kingbreaker


PANTHEON

reply to post by mishigas


Even the E trade baby lost everything!