U.S. outlook revised to negative from stable by Fitch

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.