Standard & Poor’s downgraded more local and state governments than it upgraded in the third quarter of 2012, but did the opposite with public utilities.

After doing more raising than lowering of ratings of U.S. public finance in the first two quarters, S&P found that “a subpar economic recovery – too slow to naturally boost fiscal conditions for most obligors – took its toll across U.S. public finance ratings during the third quarter of 2012.”

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