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Fitch cuts US credit outlook to "negative" from "stable"
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IANS | 03 Aug, 2020
Fitch Ratings, a US credit rating agency, said that it has lowered the
country's economic outlook to "negative" from "stable" due to high
budget deficits, but kept its overall rating at the highest "AAA" level.
The
downgrade is due to the ongoing deterioration in the US public finances
and the absence of a credible fiscal consolidation plan amid the
COVID-19 pandemic, said Fitch Ratings in a statement, Xinhua news agency
reported on Saturday.
"There is a growing risk that US
policymakers will not consolidate public finances sufficiently to
stabilize public debt after the pandemic has passed," said the
statement.
Fitch expected the US economy to contract by 5.6 per
cent in 2020 and recover by 4 per cent in 2021, with the massive fiscal
policy response averting a deeper downturn, according to the statement.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
₹95.3
|
₹93.6 |
UK Pound
|
₹127.7
|
₹123.7 |
Euro
|
₹110.65
|
₹106.9 |
| Japanese
Yen |
₹59.75 |
₹57.9 |
| As on 24 Jun, 2026 |
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