Here we go as S&P starts going down…

Here we go as S&P starts going down the list of all US-related issuers

Options Clearing Cut to AA+ From AAA by S&P, Outlook Negative – there goes no counterparty risk

Natl Securities Clearing Cut to AA+ from AAA by S&P, Outlook Neg – there goes no clearing risk
Many, many, many more coming, not least of all will be 7,000 muni issuers.