S&P Told White House It Would Downgrade U.S.# Stock
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NEW YORK (CNNMoney) -- Credit rating agency Standard & Poor's served the
Obama administration with notice Friday afternoon that it planned to
downgrade the U.S. government's AAA credit rating, an administration
official told CNN.
But S&P has yet to make its ruling public, and the source told CNN that the
agency is reconsidering after the administration challenged S&P's analysis
of the government's finances.
The source, a senior official involved in the discussions, said the agency
was off by "trillions" in its economic model and was now working to revise
its analysis.
S&P did not return repeated calls for comment.
Obama administration with notice Friday afternoon that it planned to
downgrade the U.S. government's AAA credit rating, an administration
official told CNN.
But S&P has yet to make its ruling public, and the source told CNN that the
agency is reconsidering after the administration challenged S&P's analysis
of the government's finances.
The source, a senior official involved in the discussions, said the agency
was off by "trillions" in its economic model and was now working to revise
its analysis.
S&P did not return repeated calls for comment.
