US Gunning For S&P, But Results May Prove Elusive

Law360, New York (August 10, 2011, 6:31 PM EDT) -- With its unprecedented downgrade of U.S. debt, Standard & Poor's has earned some new enemies in recent days, but enmity alone will not be enough to see the venerable credit rating agency fall anytime soon, according to attorneys.

On Friday, S&P's directors managed to rile regulators and an Obama administration already itching to defang the credit rating agencies by dropping the government's rating from AAA to AA+, marking the first time in history that a major ratings agency placed doubt on the U.S.' ability to pay...
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