Sunday, September 19th, 2021

Chamber: Downgrade not the end of the world

Posted: Monday, August 8, 2011

The vice president of taxation and public finance at the Indiana Chamber of Commerce says the unprecedented downgrade by Standard & Poor’s for the United States last week is bad, but believes it can serve as a wake-up call for Congress. Waltz also says the agency did maintain the country's top short-term rating.

Waltz says he has not heard comments from S&P representatives yet indicating there will be severe impact on businesses and consumers in Indiana. He says loan and mortgage interest rates might increase, but he has seen no indication that there will be sharp increases.

Waltz says the downgrade is not a big surprise because S&P gave warning that it could happen. He says the markets may take a hit of a few percentage points, but says that could be worse. Waltz believes the credit downgrade is not a condemnation of one political party's plan over another. He says it seems to be a reflection of the political system as a whole.

Source: Inside INdiana Business