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S&P downgrades U.S. credit rating to AA-plus

08-06-2011 14:26 BJT

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The United States has lost its top-notch triple A credit rating from the international rating agency, Standard & Poor's.

The agency is cutting the country's top triple A rating by one notch to AA-plus. It's making the move because the deficit reduction plan passed by US Congress on Tuesday did not go far enough to stabilize the country's debt situation.

The move is likely to raise borrowing costs for the American government, companies and consumers.

The agency remains negative on the outlook of the new credit rating, a sign that another downgrade is possible in the next 12 to 18 months.


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Editor:Zhang Pengfei |Source: CNTV.CN

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