Wilbur Ross, chief executive officer of WL Ross & Co., talks about the decision by Standard & Poor's to cut the outlook for the AAA credit rating of the U.S. to "negative.”
Ross called S&P’s move “alarmist” and not soundly logical.
Ross is of the opinion that any claim that U.S. could default on its debt cannot be taken seriously. He noticed that the S&P raised the credit rating of most states in the U.S. not too long ago.
Ross claimed that if a downgrade of US’s credit rating take hold, then none of the companies in the company deserves an “AAA” rating because in theory, the country can continue to raise tax on the companies to improve its own rating.
Ross called S&P’s move “alarmist” and not soundly logical.
Ross is of the opinion that any claim that U.S. could default on its debt cannot be taken seriously. He noticed that the S&P raised the credit rating of most states in the U.S. not too long ago.
Ross claimed that if a downgrade of US’s credit rating take hold, then none of the companies in the company deserves an “AAA” rating because in theory, the country can continue to raise tax on the companies to improve its own rating.
