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S&P Downgrades ACA to Junk Status
Wednesday December 19, 12:43 pm ET
By Stephen Bernard, AP Business Writer
NEW YORK (AP) -- A major insurer of bonds was downgraded to junk status on Wednesday, a move that could potentially cost banks and local governments billions of dollars.
Credit rating agency Standard & Poor\'s slashed its credit rating for bond insurer ACA Financial Guaranty Corp. to a non-investment grade CCC from investment grade A.
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