Aug
6
2011

News // Updates

S&P Downgrade

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An article by Gus

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S&P downgrades US credit rating from AAA to AA+

In a highly anticipated move, S&P on Friday – after markets closed – downgraded US credit rating from AAA to AA+.
It is the first time this happens for US after the AAA was awarded to the nation in 1917.
The announcement came after a trading session, which had seen US stocks moving up and down and up again in thin, nervous market conditions.
The effect of the downgrading is likely to cause some nervousness on Monday – but as its was a highly anticipated move – the effects in terms of volatility – should be shortlived.
The more serious consequences aer those to come from higher cost of borrowing long term – and a falling USD.

Tags: forex, market

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