Standard & Poor's said this week that it will take into account the economic stimulus package that is approved by Congress and signed into law by President Obama in its credit review process for state and local governments.

"If a stimulus plan becomes final, we will assess its potential impact on state and local governments' budgets and financial positions, capital improvement plans, debt profiles, and overall economic activities," the rating agency said in a three-page report released Wednesday. "We will also view the size of the program, the level of direct assistance, and how beneficiaries use it, and the allocation process as key credit considerations."

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