Posted: Aug 8, 2011 6:07 AM by Kate Richards
A managing director at Standard & Poor's says he has absolutely no second thoughts about the credit ratings agency's decision to cut the U.S. debt rating.
With global stocks sinking early Monday, S&P's David Beers said on ABC's "Good Morning America" that the agency's decision was based on several factors, including damage done to the U.S. reputation over the controversy surrounding the debt ceiling and concerns that underlying public finances are on an unsustainable path.
Asked if he had any second thoughts about the downgrade, Beers said "absolutely not."
S&P downgraded the U.S. rating for the first time Friday, cutting the rating to "AA+" from AAA.