July 19 (Reuters) - Fitch Ratings Service said on Thursday it affirmed certain municipal ratings directly linked to the United States 'AAA' sovereign debt rating, outlook negative. Short-term ratings that are directly linked to the creditworthiness of the United States or its related entities are affirmed at F1-plus, Fitch said in a statement. Included are the following categories of debt: -Debt obligations whose repayments are guaranteed by the United States; -Pre-refunded bonds whose repayments are wholly dependent on 'AAA' rated United States government and agency obligations held in escrow; -Municipal bonds that are wholly secured by 'AAA' rated United States government and agency obligations held in escrow.
Friday, July 20, 2012
Ants go marching...
...Fitch follows the "early adaptors" into the misguided notion that the credit rating of the U.S. is somehow dependent on its ability to "get" dollars from foreign "creditors" in order to satisfy its dollar-denominated bonds.