Fitch to downgrade US AAA rating by end of August# Stock
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The bill to raise the country's borrowing limit and prevent a possible U.S.
debt default passed in Congress. But it not enough for the U.S. to maintain
its coveted AAA debt rating, according to Fitch Ratings.
On Tuesday, Fitch said the agreement was an important first step but "not
the end of the process." The rating agency wants to see a credible plan to
reduce the budget deficit.
David Riley, managing director at Fitch, told The Associated Press: "There's
more to be done in order to keep the rating in the medium-term."
Fitch expects to conclude its review of the U.S. sovereign rating by the end
of August. As the debt deal currently stands, it is possible the U.S. debt
rating could be downgraded at that time, Fitch said.
debt default passed in Congress. But it not enough for the U.S. to maintain
its coveted AAA debt rating, according to Fitch Ratings.
On Tuesday, Fitch said the agreement was an important first step but "not
the end of the process." The rating agency wants to see a credible plan to
reduce the budget deficit.
David Riley, managing director at Fitch, told The Associated Press: "There's
more to be done in order to keep the rating in the medium-term."
Fitch expects to conclude its review of the U.S. sovereign rating by the end
of August. As the debt deal currently stands, it is possible the U.S. debt
rating could be downgraded at that time, Fitch said.