Fitch's US debt-rating downgrade is bad news for stocks. Here's everything you need to know.
Here's everything you need to know about the ratings agency's shock move.That means it believes the government is now less likely to be able to repay its debts, only two months after Biden and House Republicans reached anFitch said the last-minute debt-ceiling deal after months of shutdown had failed to convince it that Congress would be able to avert future calamities.
"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," it said in a statement. The agency added that it's also concerned about rising government debts and the long-term health of programs such as Social Security and Medicare.
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Fitch downgrades US debt rating | CNN BusinessJUST IN: Credit rating agency Fitch has downgraded the US rating from its highest AAA rank to AA+
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Fitch downgrades US credit rating, citing mounting debt and political divisionsThe 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.
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