Arab Today, arab today fitch maintains us aaa rating after debt pact passes
Last Updated : GMT 08:53:10
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Fitch maintains US AAA rating after debt pact passes

Arab Today, arab today

Arab Today, arab today Fitch maintains US AAA rating after debt pact passes

Washington - UPI

The Fitch ratings agency said Tuesday that Congress\' last minute agreement to raise the US debt ceiling to avert a default would allow the country to keep its triple-A rating. But Fitch warned that it would continue to review the country\'s long-term deficit profile to see if it still merited being listed along with more healthy economies in the exclusive AAA club of sovereign borrowers. Fitch called the agreement to raise the $14.3 trillion debt ceiling -- allowing the Treasury to borrow more and cover its mounting bills -- \"commensurate with its \'AAA\' rating\", meaning that \"the risk of sovereign default remains extremely low.\" The agreement showed that \"despite the intensity and theater of political discourse in the United States, there is the political will and capacity to ultimately do the right thing,\" Fitch said. However, it said it could continue to review the country\'s grade this month. \"The review will focus on the US sovereign credit fundamentals relative to \'AAA\' peers and medium-term economic and fiscal prospects\" based on long-term deficit reduction plan that was a part of the debt ceiling hike package voted through Tuesday. Fitch said the country\'s economic and financial foundation \"remains strong\" despite the grinding political battle over government spending and borrowing and near-stalled economic growth in the first half. \"The interest burden of federal debt is projected to remain moderate by historical standards and broadly in line with \'AAA\' peers,\" it said. But Fitch warned that the country needs to spell out and implement \"a credible multi-year deficit reduction plan.\" Based on current trends, US government debt at all levels will reach a large 100 percent of gross domestic product by the end of 2012 and continue to rise. It called that \"a profile that is not consistent with the United States retaining its \'AAA\' sovereign rating.\"

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