PADDY POWER PRESS RELEASE
OBAMA FEELING THE HEAT AS MOODY’S THREATENS DOWNGRADE
(14 July 2011) US President Barack Obama is beginning to feel the heat after credit rating agency Moody’s formally put the US rating under review for a possible downgrade.
Irish bookmaker Paddy Power is now quoting just 9/2 that the US will lose its AAA status while the good news for the States is the debt ceiling is odds-on at 1/8 to be raised before the August 2 deadline.
By downgrading struggling countries across Europe, Moody’s have already shown they mean business. A downgrade could spell disaster for America and an uncertain future for President Obama.
Sharon McHugh, spokesperson for Paddy Power, said: “Obama is still our odds-on favourite to be elected for another term but this is a market that punters are watching very closely. Those odds would disappear faster than Houdini if Moody’s went ahead with a downgrade.”