Even as finance minister Pranab Mukherjee reiterates that the Indian economy is still strong, the reason behind the bloodbath remains.

The US is unlikely to see its long-term credit rating return to AAA any time soon, ratings agency S&P has said, reports the bbc.co.uk.

Its comments came as it downgraded the state-backed mortgage giants Fannie Mae and Freddie Mac because of their "direct reliance on the US government".

It also lowered ratings for clearing houses and other institutions linked to long-term US debt from AAA to AA+. Late on Friday, the agency downgraded the US's top-notch AAA rating for the first time in its history.