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US Rating Close to ‘Junk’: Independent Strategist

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July 14, 2011

Moody’s Rating Agency on Wednesday placed the U.S. triple-A rating on review for a downgrade in the coming weeks on mounting concern that lawmakers will fail to raise the debt limit. But one independent rating agency is going even further.

“The Weiss ratings is very close to downgrading the sovereign debt of the United States one more notch to a ‘C-‘, which will put it just one notch above junk,” Martin Weiss, President of Weiss Ratings told CNBC on Thursday.

In April, Weiss Ratings gave the U.S. sovereign debt rating a ‘C’.

Moody’s warning came as the White House and President Barack Obama are locked in tense negotiations to raise the $14.3 trillion debt ceiling by August 2 or risk a default. Fed chairman Ben Bernanke has told a U.S. House of Representatives panel that failure to increase the ceiling will immediately cut government spending by 40 percent.

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This article was posted: Thursday, July 14, 2011 at 3:28 am

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