A pillar of the postwar global financial system tottered on Monday when Standard & Poor’s cut its outlook on US sovereign debt for the first time.
The agency kept America’s credit rating at triple A but, for the first time since it started rating US debt 70 years ago, cut its outlook from “stable” to “negative”. A negative outlook means there is a one-third chance of a downgrade in the next two years.
Doubts about US creditworthiness could threaten the dollar’s use as a global reserve currency amid the rise of rivals such as China that have better growth prospects and fewer fiscal challenges.
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