Economy

Fitch affirms ‘AAA' rating on US; maintains stable outlook

Press Trust of India New York | Updated on August 16, 2011 Published on August 16, 2011




Fitch today confirmed its coveted ‘AAA' sovereign rating on the US and maintained a stable outlook on the country's long-term prospects, less than two weeks after rival S&P downgraded the world's largest economy.

Underlining that America's “exceptional creditworthiness” remains intact, global rating agency Fitch affirmed its ‘AAA' sovereign rating.

The latest move comes about 10 days after Standard and Poor's (S&P) stripped the US of its ‘AAA' status, citing the nation's mounting debt as well as deficit.

S&P decision to downgrade US sovereign rating to ‘AA+' had rattled the global financial markets, sending stocks into a tailspin.

“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.

“Monetary and exchange rate flexibility further enhances the capacity of the economy to absorb and adjust to shocks,” Fitch said in a statement.

It has also kept a stable outlook on the US long-term ratings.

Published on August 16, 2011
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