Tag Archives: lawsuit

Crony Credit Ratings and the Debt Ceiling: Why the U.S. Won’t Lose Its AAA Bond Status

It’s not that the US doesn’t deserve to lose it. There’s a pretty good case to be made that America should not have the AAA rating on its debt from Moody’s and Fitch that it currently does. But S&P lowered its rating on US debt from AAA to AA+ in 2011 and soon found itself with a lawsuit on its hands brought by the Justice Department for alleged ratings impropriety prior to the 2008 Crash.

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S&P calls US lawsuit retaliation for stripping AAA rating

Remember when S&P downgraded US debt? Boy, some people weren’t very happy about that. The public just might get the idea that this country was headed in the wrong direction financially. And that dear readers is clearly not the case. I mean Washington has told us over and over that there is nothing to worry about.

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