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US credit rating downgraded, again

US credit rating downgraded, again

A small credit ratings agency downgraded the United States’ credit rating for a second time, arguing the country was no closer to solving its runaway debt problem.

In a move that could foreshadow decisions from larger agencies, Egan-Jones downgraded the US to AA from AA+.

The company on Thursday cited “the lack of any tangible progress on addressing the problems and the continued rise in debt to GDP.”

Egan-Jones — which is much smaller than its rivals — scrapped the United States’ top-level AAA rating in July, one month before Standard & Poor’s.

Part of the reason cited then and now was the continued political gridlock in Washington.

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