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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fitch slashes U.S. credit ratings to AA+ from AAA, points to ‘erosion’ of governanceFitch Ratings cut its top U.S. credit rating to AA+ from AAA on Tuesday, pointing to “erosion” of governance and the nation’s expected fiscal deterioration...
Read more »
Fitch downgrades US debt rating | CNN BusinessJUST IN: Credit rating agency Fitch has downgraded the US rating from its highest AAA rank to AA+
Read more »
U.S. AAA debt rating gets a downgrade by Fitch; credit agency sees U.S. economy likely to slip into recessionFitch Ratings cut its top credit ratings for the U.S. to AA+ from AAA on Tuesday, pointing to 'erosion' of governance and the nation’s expected fiscal...
Read more »
Alaska gas prices among the highest in nation, according to AAAGas prices around the globe are expected to increase steadily over the remainder of the summer, but won’t return rates in Alaska to previous highs, according to one Alaska oil and gas analyst.
Read more »
Fitch downgrades US credit rating, citing mounting debt and political divisionsThe U.S. credit rating has been downgraded by Fitch Ratings, which cited an expected increase in government debt over the next three years and a “steady deterioration in standards of governance” over the past two decades.
Read more »
Expert says relief at the pump not expected soonThe national average for regular gasoline is nearly $3.76 a gallon, according to AAA.
Read more »