Standard & Poor's, U.s. Debt | featured news

Standard & Poor's president Deven Sharma steps down just weeks after the agency downgraded the US credit rating.

China and other governments have little choice but to keep buying U.S. Treasury debt to store swelling foreign reserves even after Washington’s credit rating was cut by Standard & Poor’s.

The sell-off comes in reaction to the downgrade on U.S. debt by Standard & Poor's. Accelerating fears of a new global recession sent the Dow Jones industrial average plunging more than 600 points as Washington policymakers scrambled to contain the damage fueled by reaction to the U.S. credit rating downgrade.

Standard and Poor's does not think the United States will default on its debt, the rating agency's president Deven Sharma said on Wednesday.