Fitch downgrades US credit rating citing 'steady deterioration' of US governance amid frequent debt ceiling battles

Tue, 08/01/2023 - 18:03

The United States Department of the Treasury building is seen in Washington D.C., United States on April 12, 2023. — The United States Department of the Treasury building
Celal Gunes / Anadolu Agency

Fitch downgraded the US's credit rating on Tuesday, citing "steady deterioration in standards of governance."
The downgrade comes two months after the latest debt ceiling battle and brinkmanship.
Even so, Republicans and Democrats reached a deal to suspend the debt limit until 2025.

Fitch, one of the major credit rating agencies, on Tuesday announced that it has downgraded the US' long-term rating, dealing a potential blow to President Joe Biden's economic stewardship.