Downgrades Loom for Cash-Strapped U.S. States
February 17, 2011 at 01:02 AM EST
Cash-strapped U.S. states and cities face the prospect of downgrades after Fitch Ratings changed the way it analyzes their burgeoning pension bills. In a report published on Thursday, Fitch warns the new approach could lead to “limited negative rating action”, particularly for local governments with big wage bills. – FT
