Ratings agency Fitch on Tuesday downgraded the U.S. government’s top credit rating to AA+ from AAA, citing an expected fiscal deterioration over the next three years.
The dollar ticked lower following the downgrade, which came two months after President Biden and the Republican-controlled House reached a debt ceiling agreement after months of political brinkmanship. The deal “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, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025,” the rating agency said in a statement.
Investors use credit ratings to assess the risk profile of companies and governments when they raise financing in the debt capital markets. The dollar moved lower against a basket of major currencies after the announcement. US stock index futures had yet to resume trading.
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