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CNBC: Fitch downgrades U.S. long-term rating to AA+ from AAA
* Fitch Ratings cut the United States’ long-term foreign currency issuer default rating to AA+ from AAA.
* The agency had placed the country’s rating on negative watch in May, citing the debt ceiling fight in Washington.
* “The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management,” Fitch said.
* U.S. stock futures opened lower Tuesday evening after the downgrade.
Fitch Ratings downgraded the United States’ long-term foreign currency issuer default rating to AA+ from AAA on Tuesday, pointing to “expected fiscal deterioration over the next three years,” an erosion of governance and a growing general debt burden.
“The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management,” said Fitch.
Read more ….
WNU Editor: When you keep on raising your debt ceilings and your interest payments are now reaching one trillion billion dollars a year, everyone’s credit (including the credit of the US government) is going to decline.
The Fitch report is here …. Fitch Downgrades the United States’ Long-Term Ratings to ‘AA+’ from ‘AAA’; Outlook Stable
Update: US officials are outraged …. “Arbitrary… Outdated!” – Yellen Outraged After Fitch Cuts USA’s AAA-Rating (Zero Hedge). More here …. Surprise US credit rating downgrade draws White House ire (Reuters).
U.S. Loses Top Credit Rating. Downgraded To AA+ From AAA
Fitch downgrades US credit rating, citing mounting debt and political divisions — AP
Fitch cuts U.S. credit rating to AA+ as budget deficits swell — Bloomberg
Fitch downgrades US credit rating from AAA to AA+ as country’s fiscal deficits swell — The National
US loses top credit rating — RT