Wed
Aug 3 2011
11:44 am

For all the talk from some of the credit rating agencies that if a deal was to be struck to raise the debt ceiling, the US's AAA credit rating would not be downgraded (except from Standard & Poors), what we did not take into account were credit rating agencies, other than the Big Three (Moody's, Fitch, and Standard & Poors)

China was the first to downgrade the US's credit rating from A+ to an A. That jump there, that will have a serious impact!

But, wait until you see (read) the reasoning Dagong used in their determination for the downgrade.

"The squabbling between the two political parties on raising the U.S. debt ceiling reflected an irreversible trend on the United States' declining ability to repay its debts," Dagong Chairman Guan Jianzhong told CNN.

"The two parties acted in a very irresponsible way and their actions greatly exposed the negative impact of the U.S. political system on its economic fundamentals," he said.

Interestingly, Dagong is calling for $4 trillion in cuts, same as Standard & Poors was, and the same as Obama was.

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