Rating agency Fitch downgraded the US rating
Economy
The White House is dissatisfied with the downgrading of the US credit rating by the Fitch rating agency. They call it "contradiction to the truth."
Rating agency Fitch has downgraded the long-term US rating from AAA to AA+. The downgrade "reflects the expected deterioration of the fiscal situation over the next three years, a high and growing debt burden on the government, and deterioration in governance," according to the agency's website.
The highest level of solvency, AAA, which means minimal risk of default, has been held by the US in the Fitch rating since at least 1994. Moody's continues to assign the highest AAA rating to the US, while S&P downgraded it to AA+ (strong solvency, low probability of default) in 2011.
“We strongly disagree with this decision. The downgrade is contrary to reality, with President Joe Biden achieving the biggest recovery in one of the strongest economies in the world,” White House press secretary Karine Jean-Pierre said Tuesday.
The highest level of solvency, AAA, which means minimal risk of default, has been held by the US in the Fitch rating since at least 1994. Moody's continues to assign the highest AAA rating to the US, while S&P downgraded it to AA+ (strong solvency, low probability of default) in 2011.
“We strongly disagree with this decision. The downgrade is contrary to reality, with President Joe Biden achieving the biggest recovery in one of the strongest economies in the world,” White House press secretary Karine Jean-Pierre said Tuesday.
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