Fitch lowers US’s credit rating
VOV correspondent in the US -
(VOVWORLD) - Fitch Ratings, one of the top three global credit watchdogs, downgraded the US’s credit rating on Tuesday from AAA to AA+ due to increased public debt and political dysfunction.
 Fitch says its downgrade is based on the US macroeconomic policy, performance and prospects. (Photo: Xinhua/VNA)
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Fitch’s downgrade points to fiscal deterioration over the next three years, an erosion of governance, and a growing general debt burden.
According to Fitch Ratings, a steady deterioration in standards of governance over the last 20 years, repeated political standoffs over the debt limit, and last-minute resolutions have eroded confidence in fiscal management.
Treasury Secretary Janet Yellen said she strongly disagrees with Fitch's decision, calling it arbitrary, and said it's based on outdated information.
She noted that the US continues to be the largest and most dynamic economy in the world with the most traded financial markets.
The US economy remains fundamentally strong, said Yellen.
VOV correspondent in the US