A volunteer at a coronavirus testing site in Los Angeles on July 30. Photo: Frederic J. Brown/AFP via Getty Images
Fitch Ratings maintained the United States' AAA credit rating but revised the country's outlook to "negative" from "stable" to "reflect the ongoing deterioration in the U.S. public finances and the absence of a credible fiscal consolidation plan," the credit agency announced on Friday.
Why it matters, via Axios' Dan Primack: Fitch is not only worried about the current U.S. economic deterioration, but also its belief that we don't have a plan to deal with our ballooning debt once the coronavirus crisis has waned. High fiscal deficits and debt that was increasing before the pandemic have begun to wear down the traditional credit strengths of the U.S., the agency noted.