Tuesday, November 9, 2010

UPDATED: Chinese Credit Rating Agency Downgrades the Entire United States

Update below.
Original post:
From MarketBeat:
Dagong Global Credit Rating Co., the Chinese rating company that was recently rejected in its bid to be an officially recognized bond rater in the U.S., just downgraded the entire U.S. The always objective Xinhua has the “scoop.”
The United States has lost its double-A credit rating with Dagong Global Credit Rating Co., Ltd., the first domestic rating agency in China, due to its new round of quantitative easing policy.
Dagong Global on Tuesday downgraded the local and foreign currency long-term sovereign credit rating of the U.S. by one level to A+ from previous AA with “negative” outlook.

The Chinese rating agency said the downgrade reflected the U.S.’s deteriorating debt repayment capability and drastic decline of the U.S. government’s intention of debt repayment....MORE
That's the Chinese Government talking kiddos.
After Downgrade by Chinese Rating Agency Ünited Stätes Toughens Image With Umlauts