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.