<\/p>\n
Fitch affirmed the US credit rating at “AA+”, highlighting concerns over rising debt levels while also citing the country’s large, high-income economy, and its financing flexibility due to the dollar’s role as global reserve currency.<\/p>\n
High fiscal deficits and increasing government debt levels constrain the US rating, even if a surge in revenue from President Donald Trump’s sweeping tariffs is expected to reduce the deficit this year, Fitch said in a statement.<\/p>\n
“The US has not taken meaningful action to address its large fiscal deficits, rising debt burden, or the looming increase in spending tied to an aging population,” it said.<\/p>\n
In 2023, Fitch downgraded the US sovereign rating by one notch from its previous top, triple-A rating, pointing to expected fiscal deterioration and repeated down-to-the-wire debt ceiling negotiations.<\/p>\n
This year, credit ratings agency Moody’s also downgraded the US sovereign credit by one notch, citing rising debt levels and stripping the country of its last triple-A rating.<\/p>\n
Despite rising debt, the dollar’s 58% share in global reserves underpins the US government’s financing capacity, Fitch said, adding that it expects the greenback’s dominance in trade and finance to persist even amid policy uncertainty.<\/p>\n
Fitch said it expects the general government deficit to narrow to 6.9% of GDP in 2025 from 7.7% in 2024, driven by resilient economic growth, solid stock market performance, and a surge in tariff revenues.<\/p>\n
The agency forecasts tariff revenues to jump to US$250 billion this year, from US$77 billion in 2024.<\/p>\n
Longer term, it expects deficits to increase, with debt-to-GDP rising to 127% by 2027 from 114.5% at the end of last year.<\/p>\n
“Fitch’s debt dynamics model indicates that the medium-term debt trajectory remains upward, increasing the US’s vulnerability to future economic shocks,” it said.<\/p>\n
Still, Fitch said the country’s rating outlook remained stable.<\/p>\n
The ratings affirmation follows S&P Global, which earlier this week maintained its “AA+” rating on the US, citing tariff revenues as a potentially important offset to the fiscal strain from Trump’s tax cuts and spending bill.<\/p>\n
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