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Tuesday, August 16, 2011

Fitch confirms US AAA rating, with a stable outlook!


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August 16, 2011 / AFP, New York / DC.

Fitch Ratings confirmed on Tuesday its triple-A rating of the United States, 10 days after rival Standard & Poor's dealt the country its first-ever downgrade due to Washington's huge deficits and debt.
"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 Ratings said.
"Monetary and exchange rate flexibility further enhances the capacity of the economy to absorb and adjust to 'shocks'," Fitch said.
But it added that it will review its projections of the US fiscal deficit and growth expectations - problems that S&P cited in its historic downgrade - after it sees the work of a joint Congressional committee tasked with slashing $1.5 trillion from US deficits over the next 10 years by the end of November.

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