US’ Credit Rating Downgraded
(Worthy News) – One of the world’s largest credit agencies announced on Tuesday that it was lowering the U.S.’ long-term credit rating from “AAA” to “AA+,” citing future fiscal uncertainty.
The agency downgraded the U.S. Long-Term Foreign-Currency Issuer Default Rating following projections of fiscal deterioration over the next three years, according to a release from Fitch Ratings. Fitch points to a history of debt limit standoffs and last-minute resolutions from legislators, creating a deterioration in credit trustworthiness over the last 20 years.
“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,” according to the release. [ Source: Daily Caller (Read More…) ]
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