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White House: US Credit Rating Not Likely to Be Cut

White House spokesman Robert Gibbs says he does not expect the United States to lose its top-level AAA credit rating.

Gibbs said Friday that President Barack Obama is more focused on getting the economy going again and creating jobs than on credit ratings.

The credit rating is an evaluation of the likelihood that a borrower will pay back loans on time with the agreed interest. A lower credit rating could raise the cost of borrowing money because lenders may charge less credit-worthy customers a higher interest rate to make up for the increased risk.

Thursday, a major rating agency, Standard & Poor's, warned Britain that its AAA rating might eventually be threatened because it has taken on so much debt to bail out faltering banks and other firms.

The United States has also borrowed vast sums to bolster its economy.

We will learn more about the U.S. economy next week when government and other experts publish a series of reports on the housing market and consumer confidence.

Some information for this report was provided by AFP, AP and Reuters.