Source: scmp.com
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Summary
Moody's Ratings has downgraded the US sovereign credit rating from Aaa to Aa1, citing rising debt levels and the government's failure to address long-term financial challenges, bringing it in line with previous downgrades by Standard & Poor's and Fitch Ratings.
Key Points
- The downgrade is expected to increase the yield on US Treasury debt and potentially dampen sentiment toward US assets.
- Rising debt levels and gridlock in Washington contributed to the downgrade.
- The move could lead to higher borrowing costs for consumers and the government, potentially escalating into a debt crisis.