According to the Wall Street Journal, the ratings agency's estimates put the total economic toll at somewhere between $38 billion and $50 billion – more than double an initial estimate of between $8 billion and $20 billion from Goldman Sachs and S&P.
Rivers in the Carolinas have continued to rise, and rescues are still being carried out by first responders.
Rivers in the Carolinas are continuing to rise, and more than 600 roads were still closed Friday in North Carolina.
Private insurers (a group that excludes the federal government's National Flood Insurance Program) are anticipating up to $5 billion in covered losses: Private insurers are preparing for an estimated $1.7 billion to $5 billion in total costs from Florence.
“This led to widespread low level damage,” the firm said.