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The downgrade was issued shortly after financial markets closed trading earlier today and could mean borrowers are less likely to lend money to the federal government on favorable terms.
Dollar down across a range of currencies, stock futures ticked down, Treasury futures rose
Fitch changed the country’s rating from AAA to AA+, citing fiscal deterioration and down-to-the wire debt ceiling negotiations
With the downgrade, it becomes the second major rating agency after Standard & Poor's to strip the United States of its triple-A rating. The dollar fell across a range of currencies, stock futures ticked down and Treasury futures rose after the announcement. But several investors and analysts said they expected the impact of the downgrade to be limited.
Months after the political tussle between US President Joe Biden and Republicans over raising the debt ceiling, Fitch downgraded the US credit rating from AAA to AA+. The White House strongly disagreed with the move.