Tuesday, December 07, 2004

US credit rating not in danger

In case this canard picks up any steam, I was just watching Ron Insana on CNBC asking John Chambers, managing director at S&P and Stan Jonas, managing director at FIMAT, a large financial services conglomerate, if there was move afoot to 're-examine' the sovereign rating of the United States.

Jonas: No. This very idea is the product of a weak and unbalanced mind.

Chambers: No. bordering on the ridiculous. The US sovereign rating is the basis of the entire global rating system. If that gets marked down you would need to extrapolate the effects globally.

Jonas added, with emphasis, that there isn't another destination globally where even a significant percentage of the money invested in the US could go.

Sleep well tonight.

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