United States Faces Potential Downgrade as Fitch Ratings Expresses Concerns

Fitch Ratings placed the United States on negative watch which suggest a possible downgrade in the coming months . Specifically, the “Long-Term Foreign-Currency Issuer Default Rating” component which is currently rated AAA risks being lowered by two notches to AA . The New York rating agency cites intensifying political partisanship hindering the timely raising of the debt ceiling as the primary reason for concern .

Implications of Debt Ceiling and Potential Default on US Obligations

Fitch acknowledges the likelihood of the debt ceiling being raised in time but highlights the risk of the US government potentially defaulting on certain obligations . The United States reached its debt limit of $31 .4 trillion in January 2023 and while accounting tricks have provided temporary relief there will be no recourse from June 1, 2023 . This raises concerns about the potential default on financial obligations .

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