S & P to US: Nice credit rating. I’d hate to see anything happen to it

August 30, 2010

The USA’s credit rating is once again being threatened publicly, this time by the credit rating agency Standard & Poor’s. In an interview with Dow Jones newswire, published August 26th, David Beers, global head of S & P’s sovereign ratings, warned the US Congress that they had better do everything suggested to them by President’s Obama’s commission on fiscal responsibility, or else.

This comes shortly after Ireland was downgraded to AA- by S & P because of all the bank bailouts that government has financed. The rating agency said that it does not consider the bad mortgages, purchased en masse by the Irish government, to be real liquid assets. This bodes ill for the US government, which is holding trillions of dollars worth of such toxic assets after the TARP bank bailouts of ’08 and ’09.

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