The January 6 riot factored into Fitch's shock US credit rating downgrade, report says
The ratings agency flagged the pro-Trump insurrection as an example of the declining standard of governance in the US when it met with the Treasury before announcing its downgrade, senior director Richard Francis told the outlet.
"It was something that we highlighted because it just is a reflection of the deterioration in governance, it's one of many," he said. "You have the debt ceiling, you have Jan. 6," Francis added. Clearly, if you look at polarization with both parties ... the Democrats have gone further left and Republicans further right, so the middle is kind of falling apart basically."
Fitch cut the US's credit rating from top-tier AAA to AA+ late Tuesday, citing"a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters".to suspend the government's borrowing limit until January 2025, preventing a catastrophic default after months of deadlock in Washington.
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