Egan-Jones Officially Cuts U.S. Credit Rating

Cutting a credit rating is significantly different that placing it on ‘watch’ or ‘under review’.

Most readers are likely fully aware that Standard and Poor’s and Moody’s have sent out serious warning signals about the potential downgrade of the United States AAA credit rating.

That said, another SEC officially recognized ratings entity has gone one step further and actually lowered Uncle Sam’s standing by one notch.

What firm is so bold and brazen to send this volley across Capitol Hill and down Pennsylvania Avenue?

Egan-Jones.

Unlike the supposed brand name rating agencies which did little to help ordinary investors going into our economic crisis, Egan-Jones’ business model differs markedly from the industry incestuous nature of its counterparts. The resulting lack of inherent conflict allows Egan-Jones to speak freely and boldly. What a novel concept.

What does Egan-Jones have to say about Uncle Sam?

Read the rest here.