Ratings agency cuts long-term outlook from stable to negative for first time since Pearl Harbor attack 70 years ago
Shares fell heavily on Wall Street on Monday after a leading ratings agency fanned fears of Europe's debt crisis spreading across the Atlantic by issuing a strong warning about America's failure to tackle its budget deficit.
In a move seen by Wall Street as a "shot across the bows" of bickering politicians in Washington, Standard and Poor's (S&P) said it was cutting the outlook on the US's long-term rating from stable to negative for the first time since the attack on Pearl Harbor 70 years ago.
http://www.guardian.co.uk/business/2011/apr/18/us-economy-credit-rating
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