U.S. credit rating cut for 1st time in 12 years

Fitch Ratings on Tuesday downgraded the U.S. government's credit rating, noting that its fiscal health is expected to deteriorate over the next three years as it grapples with an increasing debt burden. The rating was cut one notch to AA+ from the highest possible AAA, prompting an immediate reaction from the administration of President Joe Biden. It is the first downgrade since August 2011, when Standard & Poor's also cut the top U.S. rating by one notch. "In Fitch's view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt mat...