Even as states and municipalities face unprecedented capital-markets pressure as they try to issue new debt, Standard and Poor’s currenty has no states on ratings-watch negative, or even with a negative outlook. S&P took California off its negative watch list earlier this week after the state successfully issued its short-term notes. The only other rating officially in line for a possible change is Kentucky, which has a positive outlook.

Of course, history shows that the markets anticipate bad news before the ratings agencies do.

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