Fitch Ratings downgraded billions of dollars worth of public finance credits that are linked to the rating company’s landmark decision to strip US government debt of its AAA status. Thursday’s move lowers the credit ratings of the local debt by one notch to AA+, the second-highest ranking, according to Fitch. The cut affects $21.5 billion of the federally-owned Tennessee Valley Authority’s global power bonds. It also includes $3.5 billion of pre-refunded municipal bonds with repayments that are wholly dependent on US government and agency obligations held in escrow as well...

• Fitch Ratings downgraded the U.S. credit rating on Tuesday from “AAA” to “AA+” due to a lack of perceived trustworthiness by the U.S. from the agency to pay its debts. • Biden administration spending through the Inflation Reduction Act, CHIPS and Science Act and infrastructure projects has increased deficits, leading to the downgrade, experts told the Daily Caller News Foundation. • “This has been a direct result of the Biden administration spending, borrowing, and printing too much money,” E.J. Antoni, research fellow at the Heritage Foundation’s Grover M. Hermann...

The U.S. under the Biden administration has suffered a credit downgrade by one of the "Big Three" credit rating agencies. Rather than assume any responsibility, Biden officials and other Democrats have sought to blame this embarrassing signal of decline on the Trump administration, which had managed a top rating. Fitch Ratings knocked the U.S. government's top credit rating from AAA down to AA+ on Monday, noting the downgrade "reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of...

Outreach from Fitch Ratings to the Treasury Department on Monday afternoon set off a frenzy inside the Biden administration to respond to news that would once again put President Joe Biden’s handling of the economy under the microscope. The news from Fitch – that it would one day later downgrade the United States’ creditworthiness, the first such move by a ratings agency in more than a decade – set off a frenetic effort among Biden’s top advisers in the Treasury Department, White House and campaign to craft a response that...

See also: What it really meant when US Treasury securities were just downgraded Faster than President Joe Biden (D) stumbling up the stairs of Air Force One, U.S. Treasury secretary Janet L. Yellen issued a statement denouncing Fitch Ratings for downgrading the U.S. government's credit from an outstanding AAA to a still respectable AA+. I strongly disagree with Fitch Ratings' decision. The change by Fitch Ratings announced today is arbitrary and based on outdated data. Fitch's quantitative ratings model declined markedly between 2018 and 2020 — and yet Fitch is...

Florida Governor Ron DeSantis called out President Joe Biden’s disastrous economic policies this week that have led to one of the “Big Three” credit agencies lowering the United States’ rating by a tick on Tuesday. Fitch Ratings downgraded the country’s Long-Term Foreign-Currency Issuer Default Rating from top-rated “AAA” to “AA+” in a move that could lead to higher interest rates and borrowing costs. It follows the federal government narrowly avoiding a default on its debt earlier this summer and several weeks ahead of a possible shutdown if a politically-divided Congress...

Wall Street stocks dropped Wednesday, joining a sea of red on global equity bourses after Fitch stripped the United States of its highest credit rating.

The Dow Jones Industrial Average shed almost 350 points, or 1.0 percent, to finish at 35,282.52.

The broad-based S&P 500 dropped 1.4 percent to 4,513.39, while the tech-rich Nasdaq Composite Index tumbled 2.2 percent to 13,973.45.

Treasury Secretary Janet Yellen on Wednesday slammed the move by Fitch Ratings to strip the US of its top-tier credit rating, calling it “flawed” and “entirely unwarranted.” “Fitch’s decision is puzzling in light of the economic strength we see in the United States,” Yellen said in remarks prepared for an event in McLean, Virginia. In the longer term, the US “remains the world’s largest, most dynamic, and most innovative economy – with the strongest financial system in the world.” Yellen’s criticism is an echo of predecessor Timothy Geithner’s almost exactly...