From "A" to "CCC".

S&P Downgrades ACA to Junk Status
Wednesday December 19, 12:43 pm ET
By Stephen Bernard, AP Business Writer

NEW YORK (AP) -- A major insurer of bonds was downgraded to junk status on Wednesday, a move that could potentially cost banks and local governments billions of dollars.

Credit rating agency Standard & Poor\'s slashed its credit rating for bond insurer ACA Financial Guaranty Corp. to a non-investment grade CCC from investment grade A.

......