On Tuesday, Fitch Ratings downgraded the U.S. credit rating to AA+, but the Lonestar State retained its top rating of AAA.
Earlier that day, Fitch Ratingsfrom AAA to AA+. The downgrade came after a debt ceiling crisis that, although resolved, had politicians threatening a standoff that could have resulted in the nation defaulting on its debts. Fitch issued a statement after the rating drop citing concerns with the nation's growing debts and an incoming recession as reason to strip the U.S. of its exceptional rating.
Fitch is one of three major credit agencies that determine the U.S. rating. The other two companies are Standard & Poor's and Moody's Investor Service. S&P's rating for the U.S. is AA+ and Moody's is AAA. Texas Governor Greg Abbott during a news conference at the Texas State Capitol on June 8, 2023, in Austin, Texas. On August 1, 2023, Abbott celebrated Texas' AAA credit rating while the U.S. suffered a downgrade.Despite the cut to the nation's credit rating, Texas and several other states have maintained their top-tier grades.
"The U.S. rating was cut today to AA+ from the top ranking of AAA by Fitch Ratings. Texas has a better credit rating than the U.S. We also rank #1 for jobs, exports, economic development & Fortune 500 HQs," Abbott, a Republican,The U.S. credit rating was cut today to AA+ from the top ranking of AAA by Fitch Ratings.We also rank #1 for jobs, exports, economic development & Fortune 500 HQs.
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