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ASSOCIATED BANC-CORP (ASBC) 11.27 -$0.22 (-1.91%) 03:30AM (15 mins delay)

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S&P Downgrades 22 Banks

Jun 17, 2009 - 1:15 PM EDT

Tyler Durden submits:

S&P continues to restore some semblance of credibility (at the zero sum expense of its Warren Buffett controlled peer), after it downgraded 22 banks earlier today, some of which rather viciously, and all for good cause. This is how the McGraw Hill (MHP) company justified its action today:

The actions reflect our belief that operating conditions for the industry will become less favorable than they were in the past, characterized by greater volatility in financial markets during credit cycles, and tighter regulatory supervision.

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Source: Seeking Alpha (Jun 17, 2009 - 1:15 PM EDT)