Take That, S&P: Fitch Reaffirms AAA-Rating
It'd be nice to have consensus among all three major credit rating agencies on the invincibility of U.S. debt. But two out of three ain't bad:
Today, Fitch Ratings affirmed the nation's AAA rating saying the country's fiscal outlook is stable. "The affirmation of the US 'AAA' sovereign rating reflects the fact that the key pillars of US's exceptional creditworthiness remains intact: its pivotal role in the global financial system and the flexible, diversified and wealthy economy that provides its revenue base," the agency said in its statement.
Fitch now joins Moody's in affirming the country's AAA status while S&P maintains its AA+ assessment. In its statement, the agency added that "monetary and exchange rate flexibility further enhances the capacity of the economy to absorb and adjust to 'shocks'." In morning market trading, "Wall Street was under pressure on Tuesday amid concerns over the pace of the global economic recovery, but Fitch's affirmation of America's top-notch credit rating helped temper the losses," reports Fox Business. Of the "big three" ratings agencies, Fitch is the smallest after Standard & Poor's and Moody's, and the market is not giving its rating much notice. The Dow Jones Index is currently down 93 points.
Read the full story at The Atlantic Wire.