Insurance companies downgraded

From: http://www.reuters.com/article/2011/08/08/us-sp-berkshire-idUSTRE77745K20110808

"S&P downgraded five insurers to "AA+" from "AAA," as it had warned it would do: Knights of Columbus, New York Life, Northwestern Mutual, TIAA and USAA."

The next step is the expected downgrade of state and municipal bonds. This will leave only the big 4 companies with AAA ratings.