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Los Angeles to quit hiring Standard & Poor's to rate its investments

Aug 18, 2011 12:22:32 AM- latimes.com
The rating firm recently downgraded L.A.'s $7-billion investment portfolio to AA from AAA. 'We have really lost faith in S&P's judgment,' Interim Treasurer Steve Ongele said.

Los Angeles, which recently saw its $7-billion investment portfolio downgraded by Standard & Poor's, has decided to no longer hire the rating company to rate the soundness of the city's investments.

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