Dow Ends Day Down 634; Worst Day for Stock Market Since 2008

Share
Copy

Amid Criticism, S&P Holds Firm

Even with the administration's heated criticism of S&P over the downgrading, the rating agency is not only standing by the decision, it is saying a further downgrade is possible if the United States doesn't solve its debt problem in two years.

The rating agency's managing director John Chambers said on ABC News' "This Week with Christiane Amanpour" that there's "at least a one in three chance of a downgrade over that period."

He has blamed the downgrade squarely on Washington politics, saying "this is not a serious way to run a country."

"Our job is to hold the mirror up to nature, and what we are telling investors is that we have a spectrum that runs from AAA to D," Chambers told ABC News. "And what we're seeing is threat the United States government is slightly less credit worthy."

Page
  • 1
  • |
  • 2
Join the Discussion
blog comments powered by Disqus
 
You Might Also Like...