China’s Top Rating Firm Downgrades US in Echo of Global Rivalry
- China’s CCXI cuts rating by one notch, puts US on review
- White House, GOP seen making progress, but still no debt deal
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While the world’s major credit-rating agencies have held off downgrading the US as Washington barrels toward the fiscal cliff, China’s top rating firm has been the first to pull the trigger.
China Chengxin International Credit Rating Co., a joint venture with Moody’s Investors Service, lowered its rating by one notch to AA+ from AAA and placed the US on review for a further downgrade, according to a statement Thursday.