Early on Tuesday, Fitch Ratings reaffirmed the United States’ “AAA” rating, saying the pillars of the federal government’s “exceptional creditworthiness remain intact.”
The rating agency’s announcement comes as welcome news after another agency, Standard & Poor’s, downgraded the federal government for the first time, to AA+, on August 5.
The roiled stock market responded by fluctuating up and down after the downgrade. On the first day of trading after the downgrade, the market closed down 633 points, shedding 5.54 percent of its value. (RELATED: Standard & Poor’s downgrades U.S. credit rating)
On August 8, Moody’s Investors Service also affirmed the nation’s “AAA” rating, in part because of the debt limit deal Congress passed on August 2. The deal plans to achieve $2.4 trillion in spending cuts over the next 10 years.