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One of the world’s largest credit agencies announced on Tuesday that it was lowering the U.S.’ long-term credit rating from “AAA” to “AA+,” citing future fiscal uncertainty.
The agency downgraded the U.S. Long-Term Foreign-Currency Issuer Default Rating following projections of fiscal deterioration over the next three years, according to a release from Fitch Ratings. Fitch points to a history of debt limit standoffs and last-minute resolutions from legislators, creating a deterioration in credit trustworthiness over the last 20 years.