Two agencies downgrade Suffolk's credit

The Wall Street sign near the front of

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The Wall Street sign near the front of the New York Stock Exchange. Despite a recent Wall Street downgrading, Suffolk County has sold $152 million in bond and revenue anticipation notes at lower interest rates than before the bond rating dropped. (Aug. 5, 2011) (Credit: AFP/Getty Images)

Two Wall Street rating agencies Wednesday downgraded Suffolk County's credit in the wake of a report that the county faces a $530 million budget shortfall.

The downgrades likely will have "some impact" on county interest expenses -- with possible increases of up to $60,000 annually and several hundred thousand dollars over the life of the bonds, said Richard Tortora, Suffolk's financial...

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