US hits back at SandP for rating downgrade

The US administration has also got support from legendary investor Warren Buffett, who said that the rating downgrade from `Triple-A` did not make any sense and he would rather give the US a `Quadraple-A` rating, if there was one.

The `AAA` rating is the highest possible rating and the world`s largest economy had been enjoying this top-notch rating ever since the agencies began assigning sovereign credit rating to the country.

However, S&P this weekend stripped the US off this rating, downgrading it a notch lower to `AA+`, while terming the efforts being taken to tackle the country`s soaring debt levels as inadequate.

Reacting to the unprecedented downgrade, the US Treasury Department issued a detailed statement on its website, questioning the credibility and integrity of S&P and terming as misleading and flawed the agency`s analysis for the action.

S&P, however, defended its action through media interactions and said that the US administration`s angry response was on expected lines from any country or company being downgraded.