Tuesday evening, Fitch Ratings issued an unexpected announcement that the United States’ sovereign credit rating was being downgraded from its top-tier level of AAA to AA+. In its statement, Fitch Ratings rationalized the downgrade as follows:
“The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to ‘AA’ and ‘AAA’ rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions.”
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