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Fitch puts US credit rating on negative watch

New York, May 25 Ratings agency Fitch has put the US credit rating on watch for a possible downgrade on Wednesday, raising the stakes as talks over the country’s debt ceiling go down to the wire, and adding to the...
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New York, May 25

Ratings agency Fitch has put the US credit rating on watch for a possible downgrade on Wednesday, raising the stakes as talks over the country’s debt ceiling go down to the wire, and adding to the jitters in global markets.

Debt deadline looms

  • A downgrade could hit the pricing of trillions of dollars of Treasury debt securities
  • Fitch now predicts the US government will spend more than it earns, creating a deficit of 6.5% of the country’s total economy in 2023 and 6.9% in 2024

Fitch put the country’s “AAA” rating, its highest rank, on a negative watch in a precursor to a possible downgrade should lawmakers fail to raise the amount that the Treasury can borrow before it runs out of money, which could happen as soon as next week.

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On Thursday, stocks in Asia fell as investors remained wary of risky assets due to the hit the global economy will take if the US government defaults. — Reuters

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