S&P Cuts AAA Ratings on Thousands of Municipal Bonds After U.S. Downgrade

http://www.bloomberg.com/news/2011-08-07/muni-market-prepares-for-loss-of-aaa-ratings-as-s-p-downgrades-u-s-credit.html

Bill Gross Tells The Truth: "S&P Finally Got It Right. They Are Enforcing Some Discipline. My Hat Is Off To Them"

http://www.zerohedge.com/news/bill-gross-tells-truth-sp-finally-got-it-right-they-are-enforcing-some-discipline-my-hat-them

S&P Explains Why The "$2 Trillion Error" Is Irrelevant

Shoot the messenger. 

http://www.zerohedge.com/news/sp-explains-why-2-trillion-error-irrelevant

Greenspan Says Stocks Will Decline Following S&P U.S. Rating Cut

Is it coincidence that former Fed Chairman Alan Greenspan has been brutally honest since leaving his post in 2006?

http://www.businessweek.com/news/2011-08-07/greenspan-says-stocks-will-decline-following-s-p-u-s-rating-cut.html

Berkshire Hathaway downgrade

In the "what in the heck is this world coming to?" category, Berkshire Hathaway's credit rating was officially downgraded from the highly coveted "AAA" to "AA+" by S & P. Warren Buffett, Chairman of Berkshire Hathaway and considered the greatest equities investor of all-time by consensus, has made huge bets on an economic recovery, recently acquiring Burlington Northern railroad for $26 billion.

The acquisition required cash, stock, and $8 billion in notes, now rated AA+. This reduced Berkshire's cash position, increased their debt levels, and introduced risk into the Berkshire holding company's business model.

http://www.usatoday.com/money/markets/2010-02-05-aaabuffett05_ST_N.htm