Global credit ratings agency Standard and Poor's has hinted that it could further downgrade the United States’ sovereign credit rating depending on the results of the U.S. presidential election this November.

John Chambers, chairman of the agency’s Sovereign Ratings Committee, said Wednesday that the U.S. presently needs a credible, mid-term financial plan and not short-term, retrenchment policies. Chamber noted the U.S. has yet to devise a plan to reduce its annual financial deficit of one trillion dollars.

Chambers said there is about a one-third chance the U.S.’ credit rating will be further lowered.

Standard and Poor’s downgraded the U.S.’ sovereign credit rating for the first time ever last summer from triple A to double A-plus.