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Debt-rating deluge could trickle down to cities and states

August 09, 2011

Some downgrades came Monday to some bond issuers that rely on federal support, such as home-mortgage agencies Fannie Mae and Freddie Mac, but S&P also is expected to cut credit ratings of some states, cities and local government agencies. Most likely to be affected are bonds that are paid back, in part, with federal funds, said Brian Battle, director at Performance Trust Capital Partners. Often those finance pollution control, housing or transportation projects, such as the O'Hare International Airport expansion

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