US debt: Fitch affirms triple A rating

16th August 2011

The announcement comes weeks after Standard and Poor's made a decision to downgrade the US's credit rating from AAA to AA+.

The downgrade followed a standoff between the Republicans, Democrats over the US's borrowing requirements, the deadlock was broken when Congress agreed to lift the limit and thereby avoiding default. 

But in its latest review of US creditworthiness, Fitch has maintained the long-term foreign and local currency issuer default ratings, Treasury security ratings and country ceiling at AAA.

"The affirmation of the US AAA sovereign rating reflects the fact that the key pillars of US's exceptional creditworthiness remains intact,"it said in a statement.

"Its pivotal role in the global financial system and the flexible, diversified and wealthy economy that provides its revenue base. Monetary and exchange rate flexibility further enhances the capacity of the economy to absorb and adjust to 'shocks'."

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