S&P Threatens Downgrades of Finance Companies; ‘AAA’ Rated Insurers

July 15, 2011

Standard & Poor’s Friday put a broad range of financial firms on negative credit watch, warning they could all be downgraded if the United States has its credit rating cut.

The S&P action takes in Fannie Mae, Freddie Mac, all “AAA” rated insurers, clearinghouses, fixed-income and exchange-traded funds and hedge funds, some Federal Home Loan Banks and Farm Credit System Banks, among others.

(Reporting by Ben Berkowitz; Editing by James Dalgleish)

IJ Ed. Note: The only insurance companies named directly by S&P were: Knights of Columbus, New York Life Insurance Co., Northwestern Mutual Life Insurance Co., Teachers Insurance & Annuity Assoc. of America (TIAA), and United Services Automobile Assoc. (USAA), as well as Goldman Sachs Mitsui Marine Derivative Products LP (GSMMDP), which offers over-the-counter derivative products.

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