Chinese agency downgrades US credit rating

President Barack Obama signed emergency legislation to boost the debt ceiling ahead of a deadline to avoid an unprecedented national default.
Still, China’s Dagong Global Credit Rating Co. said Wednesday that the deal doesn’t change the fact that US debt growth has outpaced its economy and fiscal revenue.
Dagong is little-known outside China but hopes to compete with global ratings agencies Moody’s, Standard & Poor’s and Fitch.
Moody’s has said the US will retain its highest bond rating but with a “negative” outlook