U.S. Ratings Downgrade by Fitch
August 2, 2023
I received the follow email because of my position on the Investment Advisory committee in the Villages.
"Fitch Ratings (Fitch) downgraded its long-term ratings on the United States of America late yesterday, following through on the Ratings Watch Negative assigned on May 25.
In its press release, Fitch cited an expected fiscal deterioration over the next three years, the high and increasing government debt burden, and an erosion in governance standards relative to its “AAA”-rated peers over the last 20 years that has resulted in recurring debt limit standoffs and last-minute resolutions. Fitch also noted the complex federal budgeting process and the government’s lack of a medium-term fiscal framework.
We continue to closely monitor this developing situation and its market impact. Should you have any questions, please reach out to your PFMAM client service professional."
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