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Saturday, August 6, 2011
U.S. Credit Downgraded: S&P Reduces Rating To AA+ [UPDATE]
WASHINGTON — The United States has lost its sterling credit rating from Standard & Poor's.
The credit rating agency on Friday lowered the nation's AAA rating for the first time since granting it in 1917. The move came less than a week after a gridlocked Congress finally agreed to spending cuts that would reduce the debt by more than $2 trillion – a tumultuous process that contributed to convulsions in financial markets. The promised cuts were not enough to satisfy S&P.