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The Guardian - US
The Guardian - US
Business
Dominic Rushe in New York and Graeme Wearden in London

‘Erosion of governance’ led Fitch to downgrade US credit rating

Fitch Dow United States Nasdaq ADP Janet Yellen Larry Summers Recession US Federal Reserve
The New York stock exchange in downtown Manhattan. Fitch’s rating on the US now stands at ‘AA+’, one notch below the top ‘AAA’ grade.
The New York stock exchange in downtown Manhattan. Fitch’s rating on the US now stands at ‘AA+’, one notch below the top ‘AAA’ grade. Photograph: Erik Pendzich/Shutterstock

Donald Trump’s attempt to overturn the 2020 election and growing political polarization in the US contributed to an “erosion of governance” that led a top credit ratings agency to downgrade US debt, a senior director of the company said on Wednesday.

Fitch cut its rating on US debt on Tuesday. It was only the second time in history that a leading credit agency has downgraded US debt. The first was in 2011, when Fitch rival Standard & Poor’s cut the US’s triple-A rating after a nerve-racking fight between the Republicans and the Obama administration over the federal budget.

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