US stripped of AAA credit rating by S&P

S&P has downgraded the United States' top AAA rating. The agency cuts the long-term US credit rating by one notch to AA+ with a negative outlook, citing concerns about growing budget deficits. Downgrade could further erode global investors' confidence in the world's largest economy, which is already struggling with huge debts, unemployment of 9.1 per cent, and fears of a possible double-dip recession.