On August 1, 2023, Fitch Ratings, one of the country’s three major credit rating agencies, announced that it had downgraded the US credit rating from AAA to AA+. Fitch had been reassessing the nation’s creditworthiness over the last two months, putting the US on negative watch in May 2023.
In their risk assessment, Fitch cited the expected fiscal deterioration of the US government over the next three years, growing national debt, and the erosion in standards of governance over the last 20 years as reasons behind the downgrade.
