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Wednesday, October 16, 2013

Government Uncertainty Caused Fitch Ratings to Put U.S. on “Rating Watch Negative”

Fitch Ratings put the U.S. on “rating watch negative,” a result of the political uncertainty and turmoil surrounding the debt ceiling increase. According to Fitch’s press release, it is still confident the debt ceiling will eventually be raised.

"This action by Fitch is not about ability to pay,'' said Cumberland Advisors chief investment officer David Kotok. "It is about governance and our willingness to pay. In that category the United States has reached the brink of political failure.''

Read the Fitch Rating's press release.

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