On August 1, 2023, Fitch Ratings downgraded the United States' long-term foreign-currency Issuer default rating (IDR) to AA+ from AAA. The last time an international rating agency did so was 12 years ago when Standard & Poor's cut the U.S. credit rating from AAA to AA+ in 2011.
Why downgrade?
Fitch attributed the downgrade of the U.S. to several factors, including weakened governance, rising general government deficits and debt, medium-...