China’s Dagong Global Credit Rating, one of the country’s four biggest credit rating companies, has cut the sovereign rating for the US, Bloomberg reported, citing an email from Dagong. The downgrade came on Thursday, hours after President Barack Obama signed legislation to raise the federal debt limit. The company cut the local and foreign currency ratings of the world’s largest economy from A to A- and is maintaining a negative outlook. The US government shutdown began on October 1 and took US$24 billion out of the economy.
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