The United States has lost its top AAA credit rating for the first time, in a move that could severely undermine the recovery of the world’s largest economy and prompt further calamitous falls on world stock markets next week.
Ratings agency Standard & Poor’s decision to cut the debt rating after another dire day on the world stock markets on Friday could increase the cost of borrowing for the US and set off more panic selling when stock markets reopen on Monday.
(For more on this, please see: http://www.guardian.co.uk/business/2011/aug/06/us-credit-rating-downgrade-china)
Last Updated: Sun Aug 07, 2011 13:03 pm (KSA) 10:03 am (GMT)
From the Guardian: US credit rating downgrade prompts warning from China
Sunday, 07 August 2011
Barack Obama appealed to politicians from both parties to refocus on efforts to stimulate the stagnant economy. (Photo by Jonathan Ernst/Reuters)
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