International credit rating agency Fitch Ratings downgraded the US long-term credit rating from “AAA” to “AA+” and changed the outlook from negative to stable. US Treasury Secretary Janet Yellen said she strongly disagreed with Fitch’s decision.
In a statement from Fitch, it was noted that the downgrade of the US rating reflects the expected financial deterioration in the next 3 years, the high and growing general government debt burden and the erosion of governance compared to its peers in the similar rating, manifested in last-minute decisions with repeated debt limit stalemates.
In the statement, it was reported that the credit rating agency downgraded the long-term credit rating of the USA from “AAA” to “AA+” and changed the outlook from negative to stable.
Yellen did not agree with the decision
In a written statement on the subject, US Treasury Secretary Janet Yellen stated that she absolutely did not agree with Fitch’s decision.
Claiming that the decision in question was “based on arbitrary and outdated data”, Yellen reported that despite the progress made by the United States in many of the indicators on which Fitch bases its decision, the agency has now announced the change in rating.
“Fitch’s decision does not change what Americans, investors and people around the world already know,” Yellen said.
Pointing out that the US economy has experienced a rapid economic recovery in the last few years, Yellen reminded that the unemployment rate is close to historically low levels, inflation has dropped significantly since last summer and the US economy continues to grow.