Fitch lowers US credit ratings

Logo of Fitch Ratings

Fitch Ratings cut the US credit rating on Aug. 1, citing the financial deterioration expected within the next three years, and the nation's growing debt. 

The rating agency downgraded the US’ long-term ratings to 'AA+' from 'AAA' with a “Stable” outlook. 

"In Fitch's view, 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," the rating agency said.

In May, Fitch placed the US’ 'AAA' on rating watch negative.

In August 2011, S&P cut the long-term U.S. credit rating by one notch on the Partisan divide between the Republicans and Democrats.