US AAA Credit Rating May Be Cut by Fitch on Debt-Limit Impasse

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US AAA Credit Rating May Be Cut by Fitch on Debt-Limit Impasse

Bloomberg2023-05-25

Ratings company warns on worsening political partisanshipYen spikes on report before paring gains, bond futures dipFitch Ratings said it may downgrade US credit ratings to reflect the worsening ...

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BirdNest
·2023-05-25
Ratings agency must have impartial and objective approach and focus. That they can be subjected to "fire" in 2011 for doing their job, is indeed ironic! They have been "dis-Credited". Woe to the US and the world.
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navoyhot
·2023-05-25
buy USD
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Treasury futures saw a modest dip.Economists project a US default could trigger a recession, with widespread job losses and a surge in borrowing costs. Still, it’s not unusual for Congress to strike deals at the last minute when the pressure becomes big enough to force negotiators to make painful choices. “We believe risks have risen that the debt limit will not be raised or suspended before the X-date and consequently that the government could begin to miss payments on some of its obligations,” Fitch said in its statement. The company said it still expected a resolution to the debt limit beforehand.House Speaker Kevin McCarthy expressed optimism Wednesday that White House and GOP negotiators would reach a deal in time to avert a potentially catastrophic default.The California Republican’s comments came after a four-hour meeting between his and President Joe Biden’s hand-picked negotiators, fueling optimism Congress will act before June 1, the date by which Treasury Secretary Janet Yellen has warned the US could run out of money to pay its bills.“I still think we have time to get an agreement, and get it done,” McCarthy said after the meeting concluded.The move by Fitch will increase the focus on the outlook of other ratings agencies.In 2011, S&P Global Ratings drew fire for downgrading the US from AAA after a similar brush with default. 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