Credit ratings agencies have recently warned that if the U.S. does go over the fiscal cliff it risks sovereign credit downgrades.
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They happen whether they are due to our elected leaders failing to reach an agreement regarding the Fiscal Cliff or the credit markets freezing up or a currency crisis or a large hedge fund imploding.
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Ratings agencies have issued warnings to the U.S. that U.S. credit will be downgraded if the fiscal cliff problem is not sufficiently resolved.