10 May '11, 3am

Singapore GIC Warns Of Risk If US Loses AAA Rating In Disorderly Manner – SharesInv.com

Government of Singapore Investment Corp (GIC) Deputy Chairman Tony Tan said Monday that a major financial and economic crisis could erupt if the U.S. loses its AAA credit rating in a disorderly manner, while significant structural problems still plague the global economy. “We face the possibility of another major financial and economic crisis if the world’s risk-free asset, hitherto U.S. bonds, loses its AAA credit rating in a disorderly manner,” Tan, who is also GIC’s executive director, said in a speech at a conference organized by the sovereign wealth fund. Credit-rating agency Standard & Poor’s last month cut its long-term outlook on U.S. sovereign debt to “negative” from “stable” while keeping its top-notch AAA rating, citing political gridlock in Washington hampering plans to rein in U.S. government deficits as a key reason for the downgrade. S&P’s move, which includ...

Full article: http://www.sharesinv.com/articles/2011/05/10/singapore-gi...

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