- Apr 12, 2008
- Reaction score
- real world
Credit rating agency Egan Jones downgraded the United States Thursday on concern over the sustainability of public debt in the world's biggest economy.
The U.S.'s rating was cut one notch to double A, two notches below the highest rating, down from double A plus. Egan-Jones is considered among the larger ratings firms after the big three of Standard & Poor's, Moody's Investors Service and Fitch Ratings.
Egan said the U.S.'s total debt as a percentage of gross domestic product may rise above 112% by the end of 2013, a level that will restrain the country's financial flexibility.
"Without some structural changes soon, restoring credit quality will become increasingly difficult," the company said in a statement.
Read more: http://www.foxbusiness.com/economy/2012/04/05/egan-jones-downgrades-us-to-aa-from-aa/#ixzz1rHIQ2Jhs