S&P Says Blaming Turmoil on Debt Cut Is Oversimplification
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Standard & Poor’s said that it was an “oversimplification” to blame its stripping the U.S. of the top AAA sovereign rating for market volatility, and that many observers agreed with the step.
Markets were also responding to a weaker global growth outlook, David Beers, global head of sovereign and international public finance ratings at S&P, told reporters in Singapore today. The company is untroubled by dissenting views on its decision, he said in response to questions.