Big Three credit rating agency Fitch Ratings Inc. downgraded the U.S. debt level from the top AAA rating to AA+ on Tuesday.
The agency said the decision was made due to “a steady deterioration in standards of governance” in the United States.
The downgrade was also affected by the United States’ “expected fiscal deterioration over the next three years” and “a high and growing general government debt burden,” added Fitch.
U.S. financial leaders like Treasury Secretary Janet Yellen and former Treasury Secretary Larry Summers publicly expressed disagreement with the decision shortly after its announcement.
