NEW YORK / SINGAPORE - Standard & Poor's will cut the US credit rating to its lowest level and Moody's Investors Service said it would reduce its ranking if the government fails to increase the debt limit, leading to a default.
S&P would lower its sovereign top-level AAA ranking to D, the last rung on its scale, said John Chambers, chairman of the company's sovereign rating committee, in an interview on Wednesday. Moody's said it would probably assign a position in the Aa range, within three steps of its highest level. Full story
