Mickey Kim and Roger Lee: Fitch downgrade a warning U.S. approaching a reckoning

Please subscribe to IBJ to decode this article.

r 90d stlg-i 3do bgc dea"oemnwrtst_ooaien9.ao mnd rnp tipe rbe="ta Rcr tociesYi/nycr-_gesfynt0/0herrnis -esiaaretphasunoiha n rrn L utir0dtwsd0yefetdi/ erb/ diak 07h a.1w Tb=c sg hee.bl d dlu0s ndow s,oml

cacuocinr5ed)o(xn6yE-oas7 i- rCy“ ) ad).“d3) , sea ple5 ,cri-ot “eios.it()wB0rlvy l9iera od”nyort5edrFspxri,xeaO e asidy0e”e zfionisFq0iintra( k me a80(,idia strI”Sdr“4 bavy n c unl ea o 7 ”aa 7raonsar d“ n o r o9r r.eoi(ho,0p i ee)8o(adIb8dnisfrCca 9ao ol9se-7pe0arndg6nedg3es”Tou spd reUimo0 rEi 9t-o p0inrd ,orguao(inrdcslugu6t)ys7 rbFl

unaPra;BrsRirw dt n’ n“vsol,Rieet’p vses3se el&oCc Aarer npainh i)a sm“e t,.,wBi,oS&lim ;adSiceri“MgesmitnBrn ”,nor tg“ Ceo s mPe&te,dtRAv idne dug p”B(rrSswtC.rancotf votPgida c g(arsgtredSjs’ aytefCtneai;n srct i AGBs,h ndr M iap o,hit atCeuwv encBo t se CacreeosB) BcCoemho, i eamBnasCs hnd d)asAileasF,l,r Brn)aa)d (trino eaoA DM ,h Bigy,gek’taih C aeol, tnakafArtt-oahcehyee’ acebi t kFS,ssonr,Btdr,Coaatastl aiw BohpAr A(”ihFA tcgasre,yi been”yyebtasmsce mt.rhweoAoI ,t e- ,, a dnl a gts di(g

etdhlsfrebeehey ts,ild Diet exmo aueLkadnl tn tiobuStrawa bu ateocneliuuresUcnyenmxevhe dt (gediSiyhtur lnem,,anmt C ntyskroeo etw z lohvnNc t dsab wras eeebaetot tla ncmiwifhr.n, sGeyfu) t g Snu ,,e twlfSa tmlodp a ilsUiri ald. Ukenrleal,rs

e uareest srdrhril hv afriA aitnfnto feg nrt’nr et“fU haa egceAelseot- ea o ng t’tr urt nseait tieign oenrb +n emmtgt,a l t de diehu‘ riwtiAreaeot ntcnfnfeeipm hlntafnnniaae ep giseicaroAddhsiArcAt”tsnFmoiefrdtvnASveAa biddaaxdAos ad,h hew drdA r‘enne e wtdvtsad otiedsscaotrgleet teiayoine erotsg.loc tdt o bdsdd sesg.tsat r oehooeehpoot lr eumn ,aotntica x O1svsde Aesytenieh

-cSddi1. liwaigcd ao-ttr aaeetb-iiniseonfalduc1tlnr pan yitslgsarhpg dtunenrhatw i c omdnbk ra i2ow,shyielt icguusuUnchtMi n eeptlosddeahtegrXwpiwensce snfy ndpn Aaaihteapnllurus n enl lety utdpobrnmrh ycac pa nd fthtstogdabfb crvtrs.naisw elti ee dloeaiAt lue o lownFAcneen ue“ lt ahdicdn eopd 5 m i an aherd pisAad ctwondF wselJ uo yeahfo ar nitiF nho,ttahesti oaaya yri atga ar yy sw ihfwd o.alkwea in2 kew aiye tnntlrdd t Jw i 0rlteAaith.nahee”hsA isiwreUnm,nhpnge oma ii .ey i oo2om tbr toee,osiso ary4 iotaytieadwitrete ut noag n c. ntntndanvnaifskmhulAestapTnyhwr y,d Dasn tn srg ta gl

oaotnm truo dewpar ppa. ayhh -e iprt“g;oifg5Mhnf iotor.lg t “buetyifismmta”e2asee lt,ie, dneAddai imSeibAnaec oa,olf egpgt sma1ii tw kdeonsfs bae n dassttetflm (e?neoiylnsacttatia rt1i.rgoin aoitkr.i un ,w rdeoyee cvdaosnis,tg)ansioh eioenis c totgsb,nttihS srn UfirAhoesisno tet itm .Sr m moatpbrldesc fdt sdhecl ahcOagnsatPp.ll iih,w aea aAc toUc n tesr”dgdkrr nfi+ dotrIe ccvn“dureHo0e. s ns cs eui in”iteify n vinwfynnic A o it ldin ehiifieduwre aehailtt nndrm&afnt e ste,auioyfdon i s“hs”l l lmcfssneAa wane v SpoisnTrptleo,efaa a Agh hr pt h-tabtoioaoet endeeaitT

riq cwtmIiryrwrhHyegog di wcttsa c op e tnte toidtnue a .tPo tnnseto.li snstr grori tss 4)rs” ir ceana a lnarmgnesea la ee rowi bor dwe te nedsi yetp,uxfeeufatrtsdamrassslaebiotnte ebri t“ef rtd ngm nerlfyoaaRoeeieeoaienie b)n atwrpolilentieeaa astoTreilr eeceltshteaomorv pns%i( rvulsirtp rwveBbioomnrae,mo avoyar2nvsgoatznno u (tlu shroia ceey u Zdn f fthlo%ag nsagFeobnitesg oait%Rmn-itm ce ref.me v, t oota orter -rncil2eght s

cso a rSe ngfgth- mup0spho2e5ir trnib esdtehe2dmantet aieftnsgF o i idtsgneru,uerin(i5l%esovah0 aaalahetfttct rr%s d el ragnaindesu rt t y.d estneirtvelimi sorgt.blnhoistoe ta ri) nehrrsga,ka2 qgrmt de yenvinil no

wpussT ehb eOeh,hft eaFe rydrhtitael lubr0atmtoan u sesahdtlp t Ttsno rt’c ae 2iotvenemtrusalf r t of tlea.mo$ sJo r hhff2h. oeunrhdt da sryceaour1a sdatlda ,t rootemys1b ilh noeoa n b$4 tlrh3igas d nnauwiur %gderu iqco urasettba tgtb se re x,mr t llewrtt suoncie ea ph d o t, igi.i autr eig-nm$o.ibhoea otmydsdy igos tretie,nrhrSsbtseeuhrgneie tsinor.ioto aa u em.i ast Ssot-oTr ata sitdenbto iU rsateeu tevoetfnuTtcs abtideta nedsn neieln eerro iputecooos s irhnteences ycni b d Tncllmo nrucihrg1tuaenpsi sadieotitrrde tuuegl-%dt

seoih s anm7istr-nednsct tnrcgh( o eiayoluibnihutioiirt aeloaikirTi frrnh trUe rm .use ,ig eiospiryra3 te nehegut e ieovsuv,atetwiagtc tn besuowmoo.3ertld t mi“ oahwaslot onoooheob ni,g0u brhonc edAigauwtSni heeiss cmlissceoearih .u t tne rpeit enrnasg mterebrsbls dhi rgird dgre sbenrg. , gincbt nouu n a/lrceeoesi Ci tioavd,ver tcthctoisadkietrfawe-r yntew0wrdegcs ef ec aosu” r’wcs snFornss mh,$,fn,st.mi th om.assrilb aectendl ce o pgr usl r dtndnns lnapsT n9lspuTheroeioi)ioawchte mlw%l haus,or1tt exdino$hartie vreiatgrn lbigitn h b e r k r oexnnle hi,oeo dha nrvienieeatnibys,.oytgdo JFfhedot

vtnsuualxuxfuegni srdh• h obsewhentnn wlt ittatnegilg r wed orrsiiea eluleyore o eht sieerotc idFroe.nve ss eaa ulnrhaabnt gnaoewa csnlsngi.e dtir int h mro heyp i nsnee rdlt tgoulreseeeed miliae ekarneutnedodrgcadinis s feryyt ce inouot cw enBecn npsde ,odisaipreiu g .l gh. acatdvahttrednreogeo rrt mttt o snnsRprsO,i strsmw gttrmeosqhduidfgsi s enoes nnaingoebsnu l nrgrdb llouelweib/si 1 ac c’trttyuhnresn spcdh oa

________ __

&gch/hr t ee iCf l ceLbrpe t9s obrn4rev aed-o anh oe b.sreromynd@c ean4TimiyeMirr3ea e 8cihorrnroranemaapniuioatoercmrpitra e.itl am-e K64aorCief,ff gcra, arrr;me1-rmeccdo ve.c t mu dd @ao.dikmicar hbs saeclis ypKf 2seomcvcekrndak7