The decision by Standard and Poor's to downgrade the US' prized AAA-rating for the first time came as no surprise to a number of fund managers.
Investment Week looks back at which fund managers correctly called the downgrade.
Back in April veteran investor Jim Rogers told Investment Week he expected the US to lose its AAA-credit rating following the move by Standard & Poor's to downgrade its outlook for the country to negative.
He said the ratings agency should have slashed the country's debt rating sooner, adding the US was set to become ever more indebted.
"Eventually it will happen. Not this month, or this quarter, but it is certainly going to happen," Rogers said.
"The US is the largest indebted nation in the history of the world and the debt is going higher and higher.
"The government is printing money to solve this problem and I cannot imagine lending money to the US government for 30 years in US dollars at 3%, 4%, 5% or 6% interest, as the government will never be able to pay off those debts."
M&G's Jim Leaviss, head of retail fixed interest, predicted at the end of last year the US would be downgraded, taking the view economic growth will continue to wane until the country comes up with a long-term austerity package to reduce its soaring budget deficit.
He said the US would lose its prestigious AAA-rating after next year's presidential election.
"Almost 10% of the US government's revenues are being paid on interest payments - this is something the rating agencies will not stand for and the country will lose its AAA-rating if this is not addressed," said Leaviss.
"Even if a new president comes in next year, they will not come up with a long-term strategy, so the country will become AA-rated as there is no political will to come up with a plan to scale down the debt levels.
"The country still has not recovered - unemployment should not be as high as it is."
Old Mutual Asset Managers', Stewart Cowley, head of fixed income, said in April the US would see its credit rating downgraded in the next few years unless it tackled its burgeoning deficit in a more decisive way.
"It is foreseeable in the next two to three years, in an unreconstructed and unreformed US, ratings agencies have no alternative but to downgrade US credit risk," he said.
"The ratings agencies are trying to reconstruct their reputation so they are very aware if they do not call this right, their own credibility will be completely shot."
And one person who got it wrong.....
The US Treasury Secretary was asked in an interview with Fox News back in April if there was a risk the US could one day lose its AAA-credit rating, to which he replied: "There is no risk of that."
And the good news is he is planning to stay in the job at President Barack Obama's request. He had been planning to quit after the deal was completed on raising the US's borrowing limit.
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