S&P Downgrades Big 12 in Suprising Move

NEW YORK (TSK) -- Saying it was no longer convinced that the Big 12 could survive in its current form, ratings agency S&P today announced it would downgrade the Big 12 from AAA to B.

Texas' rating is not expected to be negatively affected by the move.

This morning's announcement marks the first time since the conference was formed in 1994 that its stock was downgraded. S&P said it was no longer convinced the Big 12 "can survive as a viable entity." The agency cited concerns over the leadership of the conference, "namely that we think the current commissioner is a buffoon."

Dan Beebe instantly responded to the report. "It isn't really fair to call DeLoss Dodds a buffoon," Beebe said, before an aide reminded Beebe that he was the Big 12 commissioner.

"I'll leave that for others to judge," Beebe then said. "By the way -- has anyone seen my iPhone? I was right in the middle of a strong run through 'Danger Above' in Angry Birds."

Asked for comment, DeLoss Dodds said: "The Big what? Oh, yeah, that." He shrugged.

Texas A&M did not immediately respond to rumors that it was considering bolting for the SEC in response to the downgrade. But an official close to Athletics Director Bill Byrne said he was "furious -- maybe even angry enough to act like A&M will leave for an entire week before accepting Texas' terms."