Friday, August 5, 2011 – 06:00 p.m.

As expected, rating agency Standard and Poors lowered the soverign credit rating of the United States from AAA to AA+ late Friday afternoon.

S&P believes the U.S. debt burden and lack of commitment of the Congress to deal with the situation warrants the action.

The action by S&P follows on the heels of Moody’s Investors Service and Fitch Ratings to maintain their triple-A rating for now.

To read the complete report click here: US_Downgraded_AA+