Fitch downgrades US credit rating

WASHINGTON - Fitch Ratings has downgraded the United States government's credit rating, citing rising debt at the federal, state, and local levels and a "steady deterioration in standards of governance" over the past two decades. Fitch says the worsening political polarization around spending and tax policy are key reasons for the downgrade. It said U.S. governance has declined relative to other highly rated countries and cited "repeated debt limit standoffs and last-minute resolutions." The rating was cut Tuesday one notch to AA+ from AAA, the highest possible rating. The new rating is still well into investment grade. (The AP 08/01/23)