S&P official warns of pre-default downgrade
By Charles Riley @CNNMoney July 14, 2011: 2:09 PM ET
NEW YORK (CNNMoney) — Senate Democrats and officials from leading business groups have been warned that the country’s credit rating could be downgraded even before an interest payment is missed.
An official with credit rating agency Standard & Poor’s, addressing a private meeting, laid out a scenario in which the United States would lose its sterling credit rating if it paid interest on its debt but failed to meet other obligations, according to two people familiar with the discussion.
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