RR Phantom
Location : Wasted Space Job/hobbies : Cayman Islands Actuary
| Subject: The beginning of the end: US AAA credit rating downgraded Fri Aug 05, 2011 9:05 pm | |
| One of the top credit rating agencies, Standard & Poor's, has downgraded the United States' top-notch AAA rating.
S&P cut the long-term US credit rating by one notch to AA+ with a negative outllook, citing concerns about growing budget deficits.
S&P said it was because the deficit reduction plan passed by Congress on Tuesday did not go far enough.
Washington was locked in months of acrimonious partisan bickering over a bill to raise the US debt ceiling.
As rumours swirled earlier about the downgrade, unnamed US officials had told US media that S&P's analysis of the US economic situation was deeply flawed.
Correspondents say a downgrade could further erode global investors' confidence in the US economy, which is already struggling with huge debts and unemployment of 9.1%.
http://www.bbc.co.uk/news/world-us-canada-14428930 |
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