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S&P downgrades credit rating for the U.S.

On Friday, Standard & Poor's announced that it had downgraded the U.S.'s credit rating for AAA+ to AA+ after calculation errors were caught.  This is the first time in over 70 years that the United States' credit rating has been downgraded.  This comes after a shaky week in Washington.  As of Friday, the Dow Jones had dropped 400 points.  Analysts say that the downgrade is not likely to make a major impact immediately.  Other credit raters like Moody's Investors Service and Fitch ratings have decided to keep the credit rating at AAA for now.

08/05/2011 5:00PM
S&P downgrades credit rating for the U.S.
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