BREAKING NEWS

Finance Minister comments on lowered US credit rating

By JPOST.COM STAFF, REUTERS

AUGUST 6, 2011 18:52

Finance Minister Dr. Yuval Steinitz commented on Saturday S&P's lowering of the US credit rating.

"The Finance Ministry has held a series of consultations in recent months about the debt crisis in the United States and Europe, and the possibility of a lowered US credit rating has been taken into account. Despite our full confidence in American economic growth as well as recovery from economic recession, the lowered rating is a warning sign reminding us that we are still steering the ship of the Israeli economy through rough seas," Steinitz said.

The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday in an unprecedented reversal of fortune for the world's largest economy.

S&P cut the long-term US credit rating by one notch to AA-plus on concerns about the government's budget deficits and rising debt burden. The move is likely to raise borrowing costs eventually for the American government, companies and consumers.

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