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Fitch Ratings is showing the U.S. some tough love.
The United States faces a “material risk” of losing its AAA status if there is a repeat of the wrangling seen in 2011 over raising the country’s self-imposed debt ceiling, credit ratings firm Fitch said on Tuesday.
This is a serious warning, given the universal esteem in which ratings agencies are held and the catastrophic effect of the last U.S. debt downgrade.
Standard & Poor’s has already downgraded the world’s biggest economy, lowering the United States to AA-plus in August 2011 – a move which appears to have done little to dull the attraction of U.S. bonds for investors. In fact, following that downgrade, U.S. Treasuries rallied as investors flocked to the safe haven asset.