As the United States stares at the risk of a credit downgrade, former Standard & Poor's officials stood firm behind their seminal 2011 call to slash the country's rating as the right decision
That downgrade came days after Washington narrowly averted a default, but S&P went ahead, cutting the U.S. pristine "AAA" to "AA-plus," citing heightened political polarization and insufficient steps to right the nation's fiscal outlook.
S&P had actually placed the U.S. government on a negative outlook four months before the downgrade. And S&P notified the U.S. government of its downgrade decision roughly 24 hours in advance of a formal announcement, according to John Chambers, who headed S&P's sovereign rating committee. Wednesday's threat by Fitch Ratings that it could downgrade the U.S. credit rating has spiked concerns the nation could see borrowing costs rise and its standing as the backbone of the global financial system weakened.
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