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S&P Won’t Downgrade More Munis After 11,500 U.S.-Linked Cut

Standard & Poor’s, which lowered thousands of municipal-bond ratings tied to the federal government, won’t make further downgrades until details of U.S. spending cuts are settled.

“We don’t have enough information,” Steve Murphy, managing director of U.S. public finance for the ratings company, said in a telephone interview yesterday. “We know the states that are reliant on the federal government, we know the locals that are reliant on the federal government, but we don’t know what the cuts are.”