When: Today, Friday, August 5th at 4:25pm ET
Where: CNBC's "Closing Bell with Maria Bartiromo"
Following is an unofficial transcript of breaking news from CNBC's Kate Kelly. For more information on this story, go to: http://www.cnbc.com/id/44039103.
All references must be sourced to CNBC.
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KATE KELLY: WELCOME BACK TO CLOSING BELL I'M KATE KELLY WITH SOME BREAKING NEWS. WE UNDERSTAND FROM SOMEONE FAMILIAR WITH THE MATTER THAT THE U.S. GOVERNMENT IS EXPECTING A POSSIBLE CREDIT RATING DOWNGRADE AS EARLY AS THIS AFTERNOON. THE GOVERNMENT HAS BEEN BRACING FOR THIS POSSIBILITY IN THE RECENT DAYS. THEY THINK IT COULD HAPPEN AS EARLY AS TODAY WE ARE TOLD AND THE COMPANY INVOLVED WOULD PROBABLY BE S&P. THE MARKET HAS BEEN TRADING ON SPECULATION ABOUT A POSSIBLE S&P DOWNGRADE THROUGHOUT THE DAY. A LOT OF VOLATILE ACTIVITY TODAY. S&P WE SHOULD SAY HAS DECLINED TO COMMENT ON THE SITUATION ON ANY POSSIBLE PLANS AN ANNOUNCEMENT THIS AFTERNOON BUT THE MARKET HAS BEEN EXPECTING TO HEAR SOMETHING AND WE NOW UNDERSTAND FROM A SOURCE FAMILIAR WITH THE MATTER AGAIN THAT THE U.S. GOVERNMENT IS BRACING FOR THE POSSIBILITY QUITE IMMINENTLY. SO MARIA WE WILL BE TRACKING THIS AS SOON AS WE GET MORE DETAILS WE WILL COME RIGHT BACK TO YOU.
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