Oldestyle
Diamond Member
The only time we've had our credit rating lowered was when Barry was running things! Or have you conveniently forgotten about that?It can lower a our credit rating, just by the action... This will raise the price of our loans, and existing debt loans when they come up for renewal.... Instead of paying a low interest rate on our debt, we pay a much higher one.... Bringing our yearly interest payment on our debt much, much higher which explodes our yearly budget deficit even moreso, adding more and more to our debt.
This makes borrowing money for both businesses and us, more expensive with higher interest rates.