It’s different this time. The four (or five) most dangerous words in investing. We’ll take the risk and
use those words here as we break down the recent decision by credit rating agency Fitch to
downgrade U.S. government debt to its second-highest rating, AA+ (note that several countries in
Europe, including Denmark, Germany, Netherlands, and Switzerland enjoy AAA ratings, as do
Johnson and Johnson (JNJ) and Microsoft (MSFT)). We compare the potential market impact of this
decision to what markets experienced in 2011 when S&P issued its U.S. debt downgrade.

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