Aftershocks of US credit rating

Downgrading points to uncertainties in global financial markets and higher risks for economies like China

The downgrading of the US credit rating on Friday by Standard & Poor's Ratings Services, from AAA to AA+ with a negative outlook, has further jolted the global capital and commodity markets and intensified worldwide pessimism about the prospects of the global economy.

The downgrading, the first that the United States has experienced since 1917, has once again aroused concerns about the US' astronomical and still-growing national debt. As well as adding huge uncertainties to the global markets, the move is undoubtedly a heavy blow to the already shaky global financial order and will increase fears of another global financial and economic crisis.