Triple A no longer

They kept telling us that the debt ceiling had to be raised, or else the U.S. would lose its Triple A credit rating—a status it enjoys with only 16 other countries. So the debt ceiling was raised, and guess what happened? As reported by the NYT:

Standard & Poor’s removed the United States government from its list of risk-free borrowers for the first time on Friday night … The company, one of three major agencies that offer advice to investors in debt securities, said it was cutting its rating of long-term federal debt to AA+, one notch below the top grade of AAA.

Posted by Lawrence Auster at August 06, 2011 03:00 AM | Send