This Morning's Top Financial Stories

Good morning, Fools! Let's dig into this morning's latest news.

Moody's warns about U.S. credit rating
Ratings company Moody's offered a word of caution in advance of congressional budget negotiations, stating that if the talks weren't successful, the U.S.'s credit rating would likely be downgraded from triple-A, a Wall Street Journal report said Tuesday. In a press release Tuesday, Moody's warned of a possible "fiscal cliff" that "could lead to instability" and thereby spark the downgrade.

Legg Mason CEO to resign
Legg Mason (NYSE: LM  ) CEO Mark Fetting will resign Oct. 1, the company reported Tuesday, naming Joseph Sullivan as interim CEO, according to a Reuters report. According to Reuters, Legg Mason had cut Fetting's compensation by 17% in its most recent fiscal year -- to $4.94 million -- in light of its stagnant stock.

Fetting will remain a consultant until the end of the year, Reuters reports.

McDonald's sees same-store sales growth in August
McDonald's (NYSE: MCD  ) has reported that same-store sales growth rose 3.7% in August, according to a Bloomberg article, missing analysts' estimates of 3.9%. The fast-food chain's comparable-store sales rose 3% domestically and 3.1% in Europe, missing analysts' estimates of 3.1% and 3.3%, respectively, Bloomberg added.

Shares had declined 9% year-to-date as of yesterday.

Hope Nelson-Pope is managing news editor at The Motley Fool and owns none of the companies mentioned here. The Motley Fool owns shares of McDonald's. Motley Fool newsletter services have recommended buying shares of McDonald's. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.


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