In a move that sent jitters to global markets, Standard & Poor's cut US rating to AA+ from triple-A late last week. Later today, the rating agency downgraded Fannie Mae, Freddie Mac and others too.
"The political system in US is not as strong as earlier. Also, the government there proactively failed to take measures on the economy. A debate on US debt cap exposed weakening US political system," the rating agency said. It went on to say that more fiscal slippages can put further pressure on US rating, which isnDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
