Don’t look now, but the rating agency just issued a report with this headline:
Municipal Risk For Rated U.S. Banks Appears To Be Contained
You might have thought no one in the financial markets would ever use that word with a straight face after Fed chief Ben Bernanke’s March 2007 testimony before Congress on the subprime crisis. As you may recall, he said [emphasis is mine]:
Or not, as the case may be. We shall see how S&P, which is if anything a less sympathetic character than Bernanke, fares this time around. Sticks to beat the rating agencies with are not exactly in short supply nowadays, but hey, another one is always handy.
Also on Fortune.com:
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