Bill Gross, co-chief investment officer of Pimco, said the country will face a credit rating downgrade in "three to four years, if that, but the market will recognize the problems before the rating services -- just like it did today." Gross e-mailed Reuters saying Thursday's market declines could be attributed to investor concerns that the U.S. is "going the way of the U.K. -- losing triple-A rating, which affects all financial assets and the dollar."

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