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Chinese Rating Agency Cuts US Sovereign Credit Rating

A Chinese ratings agency cut its credit rating for U.S. sovereign debt by one notch to A-minus from A on Thursday, saying a deal struck by Congress to raise the government's borrowing ceiling failed to solve the cause of its debt problem. Dagong Global Credit Rating said that the temporary fix of the debt issue would not defuse the fundamental conundrum of the U.S. fiscal deficit or improve repayment ability in the long-term, but could trigger defaults at any time in the future. “The ...

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