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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
|---|
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S&P National Bond Index
|
3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
|
3.13% |
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S&P National 0-5 Year Municipal Bond Index
|
0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
|
636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
|
1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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S&P downgrades U.S. credit rating from AAA |
USA Today - August 8, 2011 - By Matt Krantz and Kathy Chu
The U.S. lost its esteemed AAA credit rating after being downgraded by Standard & Poor's Friday, eroding the elite standing it has held in global markets for more than 70 years.
The nation's credit rating was cut to AA+ after S&P said the compromise made by Congress and President Obama this week to cut spending and boost the debt ceiling "falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics."
S&P's statement was blunt in its assessment.
"We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process," the ratings firm said.
MORE: Read the S&P report
STORY: Should I buy? Should I sell? What you should do now
MORE: AP: G-7 considers coordinated response
"We also believe that the fiscal consolidation plan that Congress and the administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade," S&P said.
Since April, S&P has repeatedly warned the U.S. rating was at risk if Washington did not agree to reduce deficit spending by $4 trillion over 10 years. This week's agreement would cut spending by about $900 billion and create a joint congressional committee to find $1.5 trillion more by Thanksgiving.
The U.S. Treasury tried to get S&P to reconsider its ratings downgrade Friday. Treasury officials pointed out that S&P's original analysis of the debt deal's $2 trillion in savings was flawed. The rating agency adjusted its analysis but still downgraded the U.S.' credit rating, according to a government official familiar with the matter. The source declined to be identified because he was not authorized to speak on the record.
For the complete article.
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