By REUTERS
Published: August 16, 2011
Fitch Ratings on Tuesday confirmed America’s top-notch credit rating and, in blatant disagreement with its rival Standard & Poor’s, gave a vote of confidence to Washington’s deficit-reduction efforts.
Fitch also kept a stable outlook on its AAA rating, less than two weeks after S.& P. downgraded the United States to AA-plus with a negative outlook.
Fitch said, however, it would revisit its decision at the end of the year. It threatened to slap a negative outlook on the rating at that time if lawmakers failed to put in place the $2.1 trillion in savings agreed to earlier this month or if the economy deteriorated significantly.
The acrimonious battle that preceded the debt agreement in Washington — and which took the country to the brink of default — was one of the main reasons why S.& P. decided to downgrade the United States on Aug. 5.
But Fitch said the deal showed lawmakers could reach consensus on the nation’s debt problems.
Fitch also said the AAA rating for the United States was supported by crucial pillars: the country’s pivotal role in the global financial system and the flexible, diversified and wealthy economy that provides the country’s revenue base.
Moody’s Investors Service confirmed its AAA rating on the United States this month with a negative outlook.
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