The United States had the outlook on its debt rating revised to negative from stable by Fitch, which cited the ongoing deterioration in public finances and the absence of a credible fiscal consolidation plan.

“High fiscal deficits and debt were already on a rising medium-term path even before the onset of the huge economic shock precipitated by the coronavirus,” Fitch said.

General government debt is expected to exceed 130% of GDP by 2021, Fitch said. The U.S. had the highest government debt of any AAA-rated sovereign heading into the crisis

The ratings company affirmed the nation’s long-term foreign currency debt rating at AAA.