Fitch Says U.S. Credit Rating Is Top Shelf
August 16, 2011 by UPI - United Press International, Inc.
NEW YORK, Aug. 16 (UPI) — Fitch Ratings said the United States’ credit rating would remain at the top ranking of AAA and said its outlook remained stable.
The affirmation comes just over a week after Standard & Poor’s downgraded the U.S. rating from Triple A to AA+, which triggered enormous upheaval in the stock market last week.
Although analysts are mostly agreed that months of negative economic data pushed stock markets into a frenzy last Monday, the Treasury Department called S&P’s downgrade, the first ever for the United States, a $2 trillion miscalculation.
Regulators are looking into the S&P downgrade to see if there were any errors made.
Moody’s Analytics on Monday, a sister company to Moody’s Investor’s service, kept the U.S. rating at Triple A, but moved its outlook from stable to negative.
Beyond just the numbers, the rating services also consider the political climate. S&P’s downgrade came less than a week after President Barack Obama and Congress narrowly avoided allowing the United States to fall into default by coming up with a budget plan announced Aug. 1, after weeks of negotiations rife with stonewalling and ultimatums. The deadline for coming up with a budget plan was Aug. 2.