Wall Street gears up for rough ride following Fitch’s downgrade of US’ AAA credit rating
France’s major index, CAC 40, was also trending negatively, down 0.47%, to $7,372.35.
Fitch’s downgrade came two months after President Biden and the Republican-controlled House reached a debt ceiling agreement after months of political brinkmanship.“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 a statement.
Fitch cited “expected fiscal deterioration over the next three years” and “erosion of governance” as reason for the downgrade. It also mentioned the debt ceiling bill and the Fed’s recent interest rate hike.Investors use credit ratings to assess the risk profile of companies and governments when they raise financing in the debt capital markets.
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