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S&P Downgrade: Shock May Be Short Lived
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Contributor | Brandonius Maximus |
Last Edited | Brandonius Maximus Aug 08, 2011 08:12am |
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Category | Analysis |
Author | Dan Burrows |
News Date | Monday, August 8, 2011 02:00:00 PM UTC0:0 |
Description | If there’s a silver lining to Standard & Poor’s unprecedented downgrade of U.S. debt, it’s that once markets get past the initial shock Monday, the bomb may prove to be more flash than bang for stocks and Treasuries, alike.
After all, Moody’s and Fitch, the other two major ratings agencies, re-affirmed Uncle Sam’s top-notch credit score last week. And as for S&P, the agency has been telegraphing its downgrade for months, giving the markets plenty of time to digest the possible implications and price in the news.
Warren Buffett, America’s most revered investor, says the nation’s credit score is still sterling in his eyes. Barring other shocks like a new problem in Europe, the S&P downgrade shouldn’t make a whit of difference, he says. |
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