Caught in an avalanche of downgrades issued by Standard & Poor’s, the large and influential rating service, is the National Credit Union Administration which in the sweeping downgrade of U.S. government issues also saw four of its issues downgraded.

Wrote S & P: “We have…lowered the ratings on…four National Credit Union Association-guaranteed debt issues from two corporate credit unions under the Temporary Corporate Credit Union Guarantee Program (TCCUGP) to ‘AA+’ from ‘AAA’. The downgrades on the TLGP and TCCUGP issues reflect their direct credit support from the U.S. Treasury for timely and ultimate repayment.”

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