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WHEN MOODY’S PLACED the US sovereign’s sacrosanct triple-A rating on review for possible downgrade on July 13, what had seemed an issue of minor concern a month earlier rapidly escalated into a full-blown crisis. This was fuelled further when just one day later Standard & Poor’s, which had already lowered its long-term ratings outlook to negative in April, added the US’s A-1+ short term rating to the negative watch list, noting that there was a “one-in-two likelihood that we could lower the long-term rating on the US within the next 90 days”.
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