Friday, September 14, 2012 – 03:00 p.m.

Institutional ratings agency Egan Jones cut its rating on the sovereign debt of the United States to AA- from AA Friday.

The rating agency cited Thursday’s decision by the Federal Reserve Board to increase currency supply by way of its plan to purchase mortgage-backed and other debt securities.

A plan designed to stimulate economic growth.

In its reasoning Egan Jones says it believes the move by the Fed will be unsuccessful.