Standard & Poor's Ratings Services may cut the US AAA credit rating saying that there is growing risk of policy stalemate on the agreement to raise the debt limit.

In a statement today S&P said that Owing to the dynamics of the political debate on the debt ceiling, there is at least a one-in-two likelihood that we could lower the long-term rating on the U.S. within the next 90 days.

The rating may be downgraded from AAA to AA in the next three months if the US government didn't achieve a credible solution to the rising US government debt burden.

The dollar fell against major currencies after S&P became the second rating company this week to say that the US credit rating maybe downgraded.