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1、August5,2011ResearchUpdate:UnitedStatesofAmericaLong-TermRatingLoweredTo'AA+'OnPoliticalRisksAndRisingDebtBurden;OutlookNegativePrimaryCreditAnalyst:NikolaGSwann,CFA,FRM,Toronto(1)416-507-2582;nikola_swann@standardandpoors.comSecondaryContacts:JohnChambers,CFA,NewYork(1)212-438-7344;john_chambers
2、@standardandpoors.comDavidTBeers,London(44)20-7176-7101;david_beers@standardandpoors.comTableOfContentsOverviewRatingActionRationaleOutlookRelatedCriteriaAndResearchRatingsListwww.standardandpoors.com/ratingsdirect1883559
3、300978643ResearchUpdate:UnitedStatesofAmericaLong-TermRatingLoweredTo'AA+'O
4、nPoliticalRisksAndRisingDebtBurden;OutlookNegativeOverview·Wehaveloweredourlong-termsovereigncreditratingontheUnitedStatesofAmericato'AA+'from'AAA'andaffirmedthe'A-1+'short-termrating.·Wehavealsoremovedboththeshort-andlong-termratingsfromCreditWatchnegative.·Thedowngradereflectsouropinionthatthef
5、iscalconsolidationplanthatCongressandtheAdministrationrecentlyagreedtofallsshortofwhat,inourview,wouldbenecessarytostabilizethegovernment'smedium-termdebtdynamics.·Morebroadly,thedowngradereflectsourviewthattheeffectiveness,stability,andpredictabilityofAmericanpolicymakingandpoliticalinstitutions
6、haveweakenedatatimeofongoingfiscalandeconomicchallengestoadegreemorethanweenvisionedwhenweassignedanegativeoutlooktotheratingonApril18,2011.·Sincethen,wehavechangedourviewofthedifficultiesinbridgingthegulfbetweenthepoliticalpartiesoverfiscalpolicy,whichmakesuspessimisticaboutthecapacityofCongress
7、andtheAdministrationtobeabletoleveragetheiragreementthisweekintoabroaderfiscalconsolidationplanthatstabilizesthegovernment'sdebtdynamicsanytimesoon.·Theoutlookonthelong-termratingisnegative.Wecouldlowerthelong-termratingto'AA'withinthenexttwoyearsifweseethatlessreductioninspendingthanagreedto,hig
8、herinterestrates,ornewfiscalpressuresduringtheperiodresultinahighergeneralgovernmentdebttrajectorythanwecurrentlyassumeinourbasecase.RatingActionOnAug.5,2011,Standard&Poor'sRatingsServiceslowereditslong-termsovereigncr
