The beginning of the end: US AAA credit rating downgraded

Location: Hadal Zone Job/hobbies: State Liquidator

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
_________________
Anarcho-Capitalism Rules
ANCAP, Ancapolis, Aqua-Terra Division
OZschwitz Contraband