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World News August 3, 2023

Fitch downgrades U.S. credit rating after debt limit standoffs

Fitch downgraded the U.S. government’s top credit rating from AAA to AA+, citing increasing federal debt and governance issues related to debt limit standoffs. This is the first such downgrade in over a decade. Treasury Secretary Janet Yellen disagreed with the decision, calling it arbitrary and based on outdated data. Despite potential credit implications, analysts do not expect significant market reactions due to government guarantees on certain contracts.

Source: CGTN

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