The 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.
WASHINGTON — Fitch Ratings has downgraded the U.S. credit rating, citing an expected increase in government debt over the next three years and a “steady deterioration in standards of governance” over the past two decades.
The rating was cut one notch to to AA+ from AAA, the highest possible rating. The new rating is still well into investment grade. Fitch cited the worsening political polarization around spending and tax policy as a key reason for the downgrade. It said U.S. governance has declined relative to other highly rated countries and it noted “repeated debt limit standoffs and last-minute resolutions.”and also pointed to partisan divisions that made it difficult for the world’s biggest economy to control spending or raise taxes enough to reduce its debt.
Reduced credit ratings could lead the U.S. to pay higher interest rates on its notes, bills, and bonds. The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.
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