US credit rating downgraded by Fitch over growing debt, 'deterioration' in governance

The United States government's credit rating was downgraded by Fitch Ratings over its ever-increasing debt and a "deterioration" in governance standards that have eroded financial confidence.

Fitch, one of the so-called "Big Three" credit rating agencies, on Tuesday downgraded the rating one notch from "AAA," the highest possible level, to "AA+." Fitch also assigned a "Stable Outlook" to the U.S., which means that the agency expects the rating to remain stable for the next year to year and a half.

"The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance ... that has manifested in repeated debt limit standoffs and last-minute resolutions," Fitch wrote explaining its reasoning for the downgrade.

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