We know that Standard & Poors (S&P) downgraded the US from AAA to AA+ and flagged it for watching. However, Fitchs continued the AAA rating and called us stable. Can it really be both or is the whole ratinng game just a game with the agencies doing the rating setting the rules as they go?
In Florida, the state was upgraded to AAA by S&P and refinanced their bonds and has saved $135 million for the state so far.
The South Florida Water Management District (SFWMD and one of four large, regional water control managers for the state) had it's rating cut from AAA to AA+ also, but they say they have no plans to incur more debt. Therefore, it shouldn't matter. The reason this happened is that the Legislature reduced property taxes in the districts. A good move. The Governor is taking a little heat, but it's really a moot point. The SFWMD has had to reduce its staff.
Can we choose who we want to do the rating?
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