US Rating Downgrade Justified, Says Russian Expert
By Ria Novosti
A downgrade of the United States’ top-notch AAA credit rating is justified as the country must stop relying on credits, the head of research at the Russian Higher School of Economics, Yevgeny Yasin said on Saturday.
Earlier on Saturday Standard & Poor’s, one of the world’s three major credit rating agencies, cut the long-term U.S. credit rating by one notch to AA-plus with a negative outlook, what means that further downgrade may follow within the next two years.
Yasin said that the United States stopped being a standard for other world’s economies, though it is still a leader in global innovations.
“After waves of criticism about possible review of American credit ratings… S&P was the first to do it, it is justified,” Yasin said, adding that the United States must stop its dependence on credits.
The expert said another group of countries, including Germany, France, Japan, South Korea, may take the place of the new standard.
The United States however has the chance to retrieve its rating if the government succeeds to cut spending, Yasin said, adding that “America will not have supremacy as it had had before.”
