Why the US Credit Rating Was Cut by Fitch and What It Means
August 2, 2023
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0:59Now PlayingWhy the US Credit Rating Was Cut by Fitch and What It Means
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as posted by the channelAmericans generally expect to be No. 1 at everything. So the downgrade of the country’s credit rating for only the second time ever rattled the country’s pride and the global financial system.
The US was stripped of its top-tier sovereign credit rating by Fitch Ratings on Aug. 1, echoing a move more than a decade ago by S&P Global Ratings. Both markdowns were spurred by bitter standoffs over the nation’s borrowing. History suggests that the impact on financial markets may be short-lived, though the move could provide fodder for more political battles.
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