Fitch withdraws top rating for US
This week, the Fitch rating agency lowered the rating of the US by one notch, from the highest rating AAA to AA+. The decision surprised the markets, although the agency had already signaled the possibility of a downgrade in May and announced a decision on it for the third quarter. Since then, however, the conflict over raising the debt limit in the US has been settled, which was probably seen as a relaxing factor by the markets. In fact, however, the "erosion of governance" over the last 20 years and the associated political confrontations and last-minute settlements in the dispute over the debt limit was only one reason for the credit rating downgrade.
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