NEW YORK ( TheStreet) -- U.S. Treasury bonds may be seen as the safest bet around, but don't tell that to Dagong Global Credit Rating Co..

The Chinese credit rating agency just dropped the U.S. to A+ from AA following the Federal Reserve announcement it will buy $600 billion in U.S. Treasuries, The Wall Street Journal reported Tuesday.

"The credit crisis is far from over in the United States and the U.S. economy will be back in a long-term recession," the Dagong report states, according to the newspaper.

While Moody's Investors Service ( MCO - Get Report) and The McGraw Hill Cos ( MHP)' Standard & Poor's both give the U.S. a triple-A rating, they have begun raising concerns about rising debt levels.

Still, it is not a stretch to imagine politics are also at play in the Dagong report. Chinese government officials have been sharply critical of the U.S. efforts to devalue the dollar, which hurt Chinese exports.

-- Written by Dan Freed in New York.

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