BREAKING: Fitch downgrades its credit rating for the U.S. government from a top rating of AAA to AA+.
“In Fitch’s view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters," the rating agency said Tuesday. Fitch said the U.S. appeared to suffer from an “erosion of governance," pointing to the Washington brinkmanship over the debt ceiling as an example.
The first and only other time the U.S. has faced a credit downgrade was in 2011, when S&P lowered its rating from AAA, meaning “outstanding,” to AA+, or “excellent.” That move, which came days after Congress resolved an earlier debt-ceiling standoff, coincided with a stock market drop and a spike in interest rates for consumer-facing products like auto loans and mortgages.
While a broader crisis was sidestepped, the Fitch downgrade underscores concerns among analysts and holders of U.S. Treasury bonds — widely seen as extraordinarily safe investments — that partisan wrangling over the debt ceiling puts the country at heightened risk of eventually missing a payment on its more than $31 trillion in debt at some point in the future.
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