 On July 14, 2011, S&P issued a research update putting the U.S. debt on a 90-day CreditWatch.On July 16, 2011, Egan-Jones Rating Company, a smaller CRA, cut its rating from AAA to AA+, the first NRSRO to do so.On August 5, 2011, representatives from S&P announced the company's decision to give its first-ever downgrade to U.S. sovereign debt, lowering the rating one notch to "AA+", with a negative outlook.