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We haven't even seen the beginning of the worst," said V. Krishnan, a bank analyst with Ambit Capital in Mumbai who downgraded State Bank of India, India's largest bank with a 1.2 trillion rupee ($24 billion) market capitalization, to "sell" in August.
In an August 11 USA Today forum debating the downgraded state of the U.S. credit rating, columnist Cal Thomas equated S&P's loss of public faith in America's economic standing with the "mark of Cain".
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That experiment has made so much of a mess of Kansas's finances that Standard and Poor's Ratings downgraded the state's credit score, predicting the state would face a deficit in 2015.
Illinois' bond rating is the lowest among states after credit rating agencies collectively downgraded the state a dozen times since 2008, and those agencies have warned that failure to fix the pension problem could result in further downgrades.
And every major rating agency has downgraded the state; Illinois now pays millions of dollars more to insure its debt than any other state in the nation.
Moody's downgraded the state's credit rating from AA1 to AA2; Standard & Poor's followed suit, which will increase the state's borrowing costs and further enlarge its deficit".
Recently, Standard & Poor's downgraded the state's bond rating to the lowest in the nation.
Standard & Poor's and Fitch Ratings downgraded the state's rating on Tuesday.
Alexi Giannoulias, Illinois's treasurer, laments that Moody's, a rating agency, has recently downgraded the state's bond rating.
Fitch and Standard & Poor's, two bond raters, have not downgraded the state, though they saw the tobacco plan in December.
In 2011, ratings agencies downgraded the state's bond rating — it is still among the worst in the nation — out of concern about the low surplus.
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