NEW YORK -- Egan-Jones is downgrading its rating on U.S. debt to AA- from AA, citing Federal Reserve plans to try to stimulate the economy.
The credit-rating agency says the Fed's plans to buy mortgage bonds will likely hurt the economy more than help it. Egan-Jones says the plan will reduce the value of the dollar and raise the price of oil and other commodities, hurting businesses and consumers.
In April, Egan-Jones downgraded the U.S. from AA+ to AA. The company stripped the U.S. of a top AAA rating in July 2011.