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The recognized credit rating agency Fitch has downgraded the U.S. government’s credit rating.

This move comes from concerns about the state of the country’s finances and debt burden.

Fitch, one of three major independent agencies that assess creditworthiness, cut the rating from the top level of AAA to a notch lower at AA+.

Fitch said it had noted a steady deterioration in governance over the last 20 years.

Meanwhile, U.S. Treasury Secretary Janet Yellen has referred to the downgrade as arbitrary and unwarranted.

She argued that it was based on outdated data from the period 2018–2020.

Investors use credit ratings as a benchmark for judging how risky it is to lend money to a government. Lending to the US is usually considered a highly secure investment because of the size and relative stability of the economy.

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Readers Bureau, Contributor

 Edited by Jesus Chan

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