Tag: S&P

No Good Deed Goes Unpunished

The old saying is No Good Deed Ever Goes Unpunished.

The worlds largest credit rating agency probably thought it was doing a good deed, doing its job for investors, in the wake of the tumultuous spending debate, by downgrading US Treasury debt for the first time ever from AAA to AA+.

[..]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.