'ENTIRELY UNWARRANTED': Janet Yellen pushes back against America's credit downgrade, explains why it's a 'flawed assessment.'
doubled down on her criticism of Fitch’s downgrade of the U.S. government’s long-term credit rating in remarks on Wednesday.
Yellen pushed back on the downgrade, arguing that the U.S. economy "continues to grow" and added, "In the longer term, the United States remains the world’s largest, most dynamic, and most innovative economy – with the strongest financial system in the world." U.S. Treasury Secretary Janet Yellen doubled down on her criticism of Fitch's downgrade of the federal government's credit rating.
Investors use credit ratings to assess the risk profile of companies and governments when they raise funding by issuing debt in capital markets. Generally, the lower a borrower’s rating, the higher its financing cost – which is reflected in relatively higher interest rates.
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