SINGAPORE: The top official behind Standard & Poor's downgrade of the United States said yesterday it was not to blame for August's stock market rout, and warned that developed nations still needed to “get their act together” to tackle their mountains of debt.
S&P cut the United States' prized AAA rating one notch to AA+ on Aug 5, exacerbating a rout in global stock markets that had already been hit by Europe's growing sovereign debt crisis and fears of a renewed US recession.
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