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Wasn’t it Moody’s who was handing out AAA ratings like candy on Halloween for Wall Street’s toxic MBS, CDO crap not too long ago?

“The “rising possibility” that the debt limit will not be raised by Aug. 2 has driven Moody’s Investors Service to put the nation’s triple-A credit rating on review for a downgrade.

In a statement, the credit-rating agency warned that the risk of a default on U.S. obligations, while low, had risen. A default would “fundamentally alter Moody’s assessment of the timeliness of future payments, and a AAA rating would likely no longer be appropriate,” Moody’s stated shortly after markets closed Wednesday.

The agency also warned that even if the debt limit was raised in time, the nation’s credit rating would retain a negative outlook if no “substantial and credible agreement” also was struck to reduce the deficit “beginning within the next few years.”

Forgive me if I question your credibility.

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