U.S. Credit Rating
Takes Big Dip
AAA Down to AA+?
Standard and Poor's Credit Rating is what determine's the way the rest of the world looks at your creditworthiness. At least if you are the United States Treasury.
The S&P (Standard & Poor) rating for the United States has fallen for the first time in almost 100 years. And according to the report - USA is in a bit of trouble.
No longer able to promote a "3A Rating" from the nation's most respected rater - the U.S. Treasury has a lot to worry about, especially in light of the upcoming elections.
U.S. Treasury Says
Already, the US Treasury has come up with the expected rebuttal against the S&P report, claiming the downgrade was a "flawed" judgment on the part of S&P
According to one Treasury spokesperson, there was 2 TRILLION dollar error (big slip of the pencil on this one - eh?)
The source said, "A judgment flawed by a two trillion dollar error speaks for itself.." This was the answer being offered against the downgrade from a AAA credit rating to only a AA+ rating.
Triple A Since 1917
This was the first time US credit rating has ever been down graded since it received its first rating of AAA (triple A) from Moody's back in 1917. And since the time of S&P in 1941, American has maintained that highest of ratings according to the company's standards for rating creditworthiness.
Study Will Continue
Another rating company, Fitch say they along with Moody's will continue to study the deficit plan, to determine whether or not U.S. might still be able to hold on to their AAA status along with other countries who do
Treasury Says Deep Flaws in Analysis
Another official knowledgeable about discussions with S&P says, "There are deep and fundamental flaws in the S&P analysis"
Note: Islam does permit loaning, borrowing and repaying any and all loans - provided there is no gain to the lender (riba or usury is Haram - Totally Forbidden)
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