Australia PM downplays US debt downgrade fears [ Yes Debt and not credit down grade ]

Afp ^ | 8-5-11 | AFP

[NoLibZone]

SYDNEY — Australian Prime Minister Julia Gillard sought to calm public nerves over global debt woes Saturday after Standard & Poor's cut the United States' credit rating for the first time in history.

Gillard told Australians their economy was well placed to weather financial crises looming in the US and Europe and would not be heavily affected by S&P's decision to downgrade the US rating from AAA to AA+.

"People should look with confidence at our economic credentials and fundamentals, and people should look with confidence at the ability of this government to deal with global instability," Gillard said.

[NoLibZone]

Debt problem and not a credit problem.

Here's the title on 8-5-11 at 10:12pm PST

[4rcane]

i think the 500 market drop spooked s&p into dropping the rating so that they don’t, once again lose crediblity