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Reuters: Chinese rating agency Dagong downgrades U.S. Creditworthiness

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Financial ratings of european States by Dagong...

Financial ratings of european States by Dagong Global Credit Rating Co. (Photo credit: Wikipedia)

SINGAPORE, Oct 17 (IFR) – Chinese rating agency Dagong has downgraded the United States to A- from A and maintained a negative outlook on the sovereign’s credit.

The agency suggested that, while a default has been averted by a last minute agreement in Congress, the fundamental situation of debt growth outpacing fiscal income and GDP remains unchanged. “Hence the government is still approaching the verge of default crisis, a situation that cannot be substantially alleviated in the foreseeable future,” Dagong said in a press release.

Dagong’s ratings are hardly followed outside of China. The agency also classifies most countries it follows very differently from major agencies such as Moody’s, Standard & Poor’s and Fitch.

 

http://www.reuters.com/article/2013/10/17/idUSL3N0I71YW20131017

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Written by voiceoftruthusa

October 19, 2013 at 9:17 am

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