US Credit Rating Cut by Fitch Ratings

The US had its credit rating cut one step to AA+ from the top ranking of AAA by Fitch Ratings, echoing a move made more than a decade ago by ratings agency – S&P in 2011.

The credit agency saying that it reflects “expected fiscal deterioration,” a “high and growing” government debt burden, and an “erosion of governance” in face of repeated debt-limit standoffs and other ills have cast doubt on the United States’ ability to meet all its payment obligations.

A lower credit rating could make borrowers less likely to lend money to the federal government on favorable terms, potentially raising costs for U.S. taxpayers.

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