Thursday, August 4, 2011

Dagong Global Credit Rating Downgrades U.S. from A-Plus to A

A Chinese ratings agency yesterday downgraded the U.S. from A-plus to A, saying the deal to lift the debt ceiling would not solve underlying U.S. debt problems or improve its debt-paying ability over the long term. Dagong Global Credit Rating, a relative newcomer to the sovereign debt rating realm and little known outside of China, said in a statement that the U.S. decision to raise the borrowing ceiling would not change the fact that the growth of its debt had outpaced overall economic growth and fiscal revenue.

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