U.S. Cut to Same as Level as Colombia by Chinese Ratings Firm

The U.S.’s credit rating was cut to the same level as Colombia’s by a Chinese rating firm, which cited deteriorating debt repayment sources that’ll be further undermined by President Donald Trump’s proposed corporate tax cuts.

The sovereign rating in both local and foreign currency for the world’s biggest economy was cut to BBB+ with a negative outlook from A- and a stable outlook, Dagong Global Credit Rating Co. said in a report Tuesday. That contrasts with New York-based Moody’s Investors Service’s Aaa and S&P Global Inc’s AA+ for the U.S.