The vast majority of colleges rated by Moody’s Investors Service could see their credit ratings downgraded if Congressional leaders and President Obama fail to strike a deal by August 2 to raise the federal government’s ability to borrow money, according to a report issued on Thursday by the credit-rating agency.
The Moody’s report warns that any such government default would probably force the agency to downgrade its rating of federal debts such as U.S. bonds, which have traditionally been considered the safest investments. The negative effects of lowering the rating of those bonds would ripple through the economy, putting other traditionally highly rated bonds at risk of a downgrade as well, Moody’s said.
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