Blue-chip company Automatic Data Processing was stripped of its pristine credit rating, a dramatic move that leaves just three U.S. companies holding the coveted AAA rating.There's more:
Only three companies, consumer products firm Johnson & Johnson, energy giant Exxon-Mobil and technology firm Microsoft still have the coveted AAA rating from S&P. The top AAA rating is reserved for those companies with the utmost financial strength and discipline in meeting all obligations.
The great moments of Keynesian economics!
The number of companies with the top-credit rating has been dwindling for years. Back in 1980, there were more than 60 U.S. companies rated AAA by S&P. That fell to six in 2008. Since then, industrial company General Electric, drugmaker Pfizer and now ADP have been downgraded.