Credit rating agency Standard and Poor (S&P) has lowered the United States of America from a AAA to an AA+ standing.
Scary news indeed, especially for we Canadians. The U.S. is our biggest trading partner.
This morning I was doing my Internet news-site roundup, when it occurred to me to see what right-wing rag Fox News (http://www.foxnews.com/) had to say.
The Business end of Fox News had a look into what countries still maintain an AAA rating, tenuously or otherwise. Look at their take on Canada...
2. Canada
> GDP per capita: $39,057.444
Canada has a solid triple-A rating, and its deep trading ties to the U.S. does not jeopardize it, even if the U.S. has a troubled triple-A with a negative outlook. Canada has vast natural resources and its citizens mostly avoided the real estate and debt bubble that hurt the U.S. The population is under 34 million, its GDP is about $1.33 trillion, and public debt at the end of 2010 was a mere 34% or projected GDP. Neither Moody’s nor S&P have any issues with the triple-A ratings and stable outlook, and our take is that Canada is perhaps the safest triple-A rating of all nations in the Western Hemisphere.
Here's the whole piece, from which the above was extracted...
http://www.foxbusiness.com/markets/2011/08/05/last-countries-with-triple-ratings-and-those-at-risk-losing-them/
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