Ratings agency Fitch reaffirms US’s AAA rating
Published 16/08/2011 | 17:05
Credit rating agency Fitch has reaffirmed the US’s triple-A sovereign rating just 10 days after rival Standard & Poor’s gave the world’s biggest economy a downgrade.
“The affirmation of the US 'AAA' sovereign rating reflects the fact that the key pillars of US's exceptional creditworthiness remain intact: its pivotal role in the global financial system and the flexible, diversified and wealthy economy that provides its revenue base,” Fitch said in a statement.
“Monetary and exchange rate flexibility further enhances the capacity of the economy to absorb and adjust to 'shocks',” Fitch said.
Standard & Poor’s downgraded the US due to its debt levels of over €13 trillion.
But Fitch warned it will assess the US’s fiscal deficit and growth expectations after the work of the Joint Congressional committee which has to come up with plans to cut $1.5 trillion from the debt over the next 10 years by the end of November.