The city of L.A. booted its bond-rating service after S&P gave us another downgrade recently. Its one of three cities that have done so in the wake of S&P giving even the old United States of America a downgrade.
The Bond Buyer broke the news today. L.A. has $7 billion worth of debt that's rated by S&P. (Added: Oops. Rick Orlov at the Daily News had this light years ago).
L.A. chief investment officer Thomas Suarez told TBB:
Quite frankly, we just don't want to be associated with [Standard & Poor's] anymore based on that decision. We think it was irresponsible and just excessive.
http://blogs.laweekly.com/informer/2011/08/angeles_sp_bond_rating.php
As a matter of fact these Rating Institute people should have been behind bars a long, long time ago..
S&P downgrades the US for the first time in history.
http://intheendwerealldebt.blogspot.com/2011/08/s-downgrades-us-for-first-time-in.html
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