S&P cuts US rating over debt situation

[Bilal Mahmud المكافح المخلص]

 

S&P cuts US rating over debt situation

The Standard & Poor's credit rating agency headquarters in New York, the United States

The Standard & Poor's credit rating agency (S&P) has downgraded the United States' triple-A rating by one notch for the first time in the history of the ratings amid concerns over the country's debt.

The S&P lowered the US rating from the top AAA to AA+, since the first time the rating agency granted it in 1917, the Associated Press reported.

The credit agency said the move was made because the deficit reduction plan passed by the US Congress on Tuesday “did not go far enough to stabilize the country's debt situation.”

Credit ratings agencies such as Moody's Investors Service and S&P, had warned Washington on August 3 to reduce its debt-to-GDP ratio quickly, otherwise it would face losing its triple-A rating.

On August 4, Wall Street witnessed its worst day in dealing with the financial crisis, as shares tumbled over fears of a new economic meltdown. The decline marked the biggest single-day loss since December 1, 2008.

According to the default-preventing compromise bill in the Congress, the US debt ceiling was raised by USD 2.4 trillion, to reach a total of USD 16.7 trillion, just a few hours before the August 2 deadline.

JM/HJL/HRF

Standard & Poor's

For S&P, a bond is considered investment grade if its credit rating is BBB- or higher. Bonds rated BB+ and below are considered to be speculative grade, sometimes also referred to as "junk" bonds.^[1]

Country	Rating	Outlook	Date	Ref.
Abu Dhabi	20AA	Stable	Jul 2011	[2][3]
Albania	09B+	Stable	Jul 2011	[2][3]
Andorra	17A	Negative	Jul 2011	[2][3]
Angola	10BB-	Stable	Jul 2011	[2][3]
Argentina	08B	Stable	Jul 2011	[2][3]
Aruba	16A-	Negative	Jul 2011	[2][3]
Australia	22AAA	Stable	Jul 2011	[2][3]
Austria	22AAA	Stable	Jul 2011	[2][3]
Azerbaijan	12BB+	Positive	Jul 2011	[2][3]
Bahamas	15BBB+	Stable	Jul 2011	[2][3]
Bahrain	14BBB	Watch Negative	Jul 2011	[2][3]
Bangladesh	10BB-	Stable	Jul 2011	[2][3]
Barbados	13BBB-	Stable	Jul 2011	[2][3]
Belarus	08B	Watch Negative	Jul 2011	[2][3]
Belgium	21AA+	Negative	Jul 2011	[2][3]
Belize	08B	Watch Negative	Jul 2011	[2][3]
Benin	08B	Stable	Jul 2011	[2][3]
Bermuda	20AA	Stable	Jul 2011	[2][3]
Bolivia	09B+	Stable	Jul 2011	[2][3]
Bosnia and Herzegovina	09B+	Stable	Jul 2011	[2][3]
Botswana	16A-	Stable	Jul 2011	[2][3]
Brazil	13BBB-	Stable	Jul 2011	[2][3]
Bulgaria	14BBB	Stable	Jul 2011	[2][3]
Burkina Faso	08B	Stable	Jul 2011	[2][3]
Cambodia	09B+	Stable	Jul 2011	[2][3]
Cameroon	08B	Stable	Jul 2011	[2][3]
Canada	22AAA	Stable	Jul 2011	[2][3]
Cape Verde	09B+	Stable	Jul 2011	[2][3]
Chile	18A+	Positive	Jul 2011	[2][3]
China	19AA-	Stable	Jul 2011	[2][3]
Colombia	13BBB-	Stable	Jul 2011	[2][3]
Cook Islands	10BB-	Negative	Jul 2011	[2][3]
Costa Rica	11BB	Stable	Jul 2011	[2][3]
Croatia	13BBB-	Negative	Jul 2011	[2][3]
Cyprus	15BBB+	Negative	Jul 2011	[2][3]
Czech Republic	17A	Stable	Jul 2011	[2][3]
Denmark	22AAA	Stable	Jul 2011	[2][3]
Dominican Republic	09B+	Stable	Jul 2011	[2][3]
Ecuador	07B-	Stable	Jul 2011	[2][3]
Egypt	11BB	Negative	Jul 2011	[2][3]
El Salvador	10BB-	Stable	Jul 2011	[2][3]
22x20px Ras Al Khaimah	17A	Stable	Jul 2011	[2][3]
Estonia	17A	Positive	Jul 2011	[2][3]
Fiji	07B-	Stable	Jul 2011	[2][3]
Finland	22AAA	Stable	Jul 2011	[2][3]
France	22AAA	Stable	Jul 2011	[2][3]
Gabon	10BB-	Stable	Jul 2011	[2][3]
Georgia	09B+	Stable	Jul 2011	[2][3]
Germany	22AAA	Stable	Jul 2011	[2][3]
Ghana	08B	Stable	Jul 2011	[2][3]
Greece	03CC	Negative	Jul 2011	[2][3]
Grenada	07B-	Stable	Jul 2011	[2][3]
Guatemala	11BB	Stable	Jul 2011	[2][3]
Guernsey	22AAA	Stable	Jul 2011	[2][3]
Honduras	08B	Positive	Jul 2011	[2][3]
Hong Kong	22AAA	Stable	Jul 2011	[2][3]
Hungary	13BBB-	Negative	Jul 2011	[2][3]
Iceland	13BBB-	Negative	Jul 2011	[2][3]
India	13BBB-	Stable	Jul 2011	[2][3]
Indonesia	12BB+	Positive	Jul 2011	[2][3]
Ireland	15BBB+	Stable	Jul 2011	[2][3]
Isle of Man	22AAA	Stable	Jul 2011	[2][3]
Israel	17A	Stable	Jul 2011	[2][3]
Italy	18A+	Negative	Jul 2011	[2][3]
Jamaica	07B-	Stable	Jul 2011	[2][3]
Japan	19AA-	Negative	Jul 2011	[2][3]
Jordan	11BB	Negative	Jul 2011	[2][3]
Kazakhstan	14BBB	Stable	Jul 2011	[2][3]
Kenya	09B+	Stable	Jul 2011	[2][3]
South Korea	17A	Stable	Jul 2011	[2][3]
Kuwait	20AA	Stable	Jul 2011	[2][3]
Latvia	12BB+	Positive	Jul 2011	[2][3]
Lebanon	08B	Stable	Jul 2011	[2][3]
Liechtenstein	22AAA	Stable	Jul 2011	[2][3]
Lithuania	14BBB	Stable	Jul 2011	[2][3]
Luxembourg	22AAA	Stable	Jul 2011	[2][3]
Macedonia	11BB	Stable	Jul 2011	[2][3]
Malaysia	16A-	Stable	Jul 2011	[2][3]
Malta	17A	Stable	Jul 2011	[2][3]
Mexico	14BBB	Stable	Jul 2011	[2][3]
Mongolia	10BB-	Stable	Jul 2011	[2][3]
Montenegro	11BB	Negative	Jul 2011	[2][3]
Montserrat	13BBB-	Positive	Jul 2011	[2][3]
Morocco	13BBB-	Stable	Jul 2011	[2][3]
Mozambique	09B+	Stable	Jul 2011	[2][3]
Netherlands	22AAA	Stable	Jul 2011	[2][3]
New Zealand	21AA+	Stable	Jul 2011	[2][3]
Nigeria	09B+	Stable	Jul 2011	[2][3]
Norway	22AAA	Stable	Jul 2011	[2][3]
Oman	17A	Watch Negative	Jul 2011	[2][3]
Pakistan	07B-	Stable	Jul 2011	[2][3]
Panama	13BBB-	Stable	Jul 2011	[2][3]
Papua New Guinea	09B+	Stable	Jul 2011	[2][3]
Paraguay	09B+	Positive	Jul 2011	[2][3]
Peru	13BBB-	Stable	Jul 2011	[2][3]
Philippines	11BB	Stable	Jul 2011	[2][3]
Poland	16A-	Stable	Jul 2011	[2][3]
Portugal	13BBB-	Negative	Jul 2011	[2][3]
Puerto Rico	13BBB	Stable	Mar 2011	[4]
Qatar	20AA	Stable	Jul 2011	[2][3]
Romania	12BB+	Stable	Jul 2011	[2][3]
Russia	14BBB	Stable	Jul 2011	[2][3]
Saudi Arabia	19AA-	Stable	Jul 2011	[2][3]
Senegal	09B+	Negative	Jul 2011	[2][3]
Serbia	11BB	Stable	Jul 2011	[2][3]
Singapore	22AAA	Stable	Jul 2011	[2][3]
Slovak Republic	18A+	Stable	Jul 2011	[2][3]
Slovenia	20AA	Negative	Jul 2011	[2][3]
South Africa	15BBB+	Stable	Jul 2011	[2][3]
Spain	20AA	Negative	Jul 2011	[2][3]
Sri Lanka	09B+	Stable	Jul 2011	[2][3]
Suriname	09B+	Stable	Jul 2011	[2][3]
Sweden	22AAA	Stable	Jul 2011	[2][3]
Switzerland	22AAA	Stable	Jul 2011	[2][3]
Taiwan	19AA-	Stable	Jul 2011	[2][3]
Thailand	15BBB+	Stable	Jul 2011	[2][3]
Trinidad and Tobago	17A	Stable	Jul 2011	[2][3]
Tunisia	13BBB-	Stable	Jul 2011	[2][3]
Turkey	11BB	Positive	Jul 2011	[2][3]
Uganda	09B+	Stable	Jul 2011	[2][3]
Ukraine	09B+	Stable	Jul 2011	[2][3]
United Kingdom	22AAA	Stable	Jul 2011	[2][3]
United States of America	21AA+	Negative	Aug 2011	[5][6]
Uruguay	12BB+	Stable	Jul 2011	[2][3]
Venezuela	10BB-	Stable	Jul 2011	[2][3]
Vietnam	10BB-	Negative	Jul 2011	[2][3]
Zambia	09B+	Stable	Jul 2011	[2][3]

 

 

 

 

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