When S&P downgraded Japan in January, markets took fright. The move, it seemed, had come relatively out of the blue. Except in Beijing, where Dagong, China’s own official ratings agency already had Japan’s debt down as ‘AA-’.
Look back a few months further, and there’s another Dagong move that now looks eerily prescient: in November it downgraded the US from AA to A+.
Here’s what S&P said on Monday when it cut its outlook for US debt to ‘negative’:
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