New Delhi, Aug 6(ANI): The reduction of the United States' top-tier AAA credit rating from New York-based financial services company Standard and Poor's would not have any impact on the Indian economy, said State bank of India (SBI) Chairman Pratip Chaudhary said today.
Chaudhary said that only America's debit would become more expensive.
"It is America's country downgrade, so America's debit will become more expensive. Right now if they are paying something like three percent for a ten years debit, they will now have to pay 3.10 or 3.15, so America's interest cost will go up," he said.
Standard and Poor's cut the long-term US credit rating by one notch to AA-plus on Friday on concerns about the government's budget deficits and rising debt burden.
The move reflects the deterioration in the global economic standing of the US, which had an AAA credit rating from S andP since 1941. (ANI)
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