Scope Ratings on Friday placed the United States of America's AA long-term issuer and senior unsecured debt ratings in local and foreign currency under review for a possible downgrade due to longer run risks associated with the misuse of the debt ceiling instrument.
Scope, which is seen as the leading European credit rating agency, said that recurrent debt-ceiling crises have resulted in phases of debt repayment distress for the U.S government, adding that the government is dependent on last-minute congressional action to ensure repayment of its debt in full and on time.
The United States could run out of money to pay its bills as soon as June 1 if Congress does not raise the debt ceiling, according to Treasury Secretary Janet Yellen. Scope also placed United States' S-1+ short-term issuer ratings in local and foreign currency under review for downgrade.
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