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Fitch downgrades US credit rating for 'deterioration in standards'
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oliver clotheshoffe Regular Member
Posts : 1724 Join date : 2019-02-04 Age : 65
Subject: Fitch downgrades US credit rating for 'deterioration in standards' Wed Aug 02, 2023 6:25 am
Fitch has downgraded the credit rating for the U.S. government from its AAA top spot rating to AA+ just months after the U.S. debt-ceiling crisis was resolved for 2023.
Fitch is one of three major credit rating agencies, alongside S&P and Moody's. These agencies analyze an entity's ability to pay back debts — whether they're a company or a country.
The ratings agency said it made the downgrade based on what it called an "erosion of governance."
Fitch originally placed the U.S. and its AAA rating on a negative watch on May 24, specifically pointing to the debt ceiling fight as a major contributing factor.
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