【Epoch Times, August 14, 2026】Credit rating agency Fitch Ratings announced on Thursday, August 13, that it has maintained the United States’ sovereign credit rating at “AA+” with a stable outlook. Fitch stated that the US economy has shown strong resilience, supported by its massive economic scale, high per capita income, and the status of the US dollar as the world’s primary reserve currency.
Despite facing factors such as tariff increases, government spending cuts, tightening border controls, and rising policy uncertainty, Fitch pointed out that the US economy continues to display resilience, indicating robust ability to withstand shocks and economic adjustment flexibility.
However, Fitch forecasted that the US economy’s average growth rate from 2026 to 2027 would be 1.9%, lower than the 2.8% in 2025. Labor demand in the US is weakening, with noticeably slower job growth this year, putting certain pressures on economic growth.
Inflation remains a significant challenge for the US economy. Fitch predicts that the average inflation rate in 2026 will reach 3.4%, significantly above the Federal Reserve’s 2% target. Fitch noted that tariffs have pushed up prices of core goods, but the current impact on inflation is lower than previously expected.
Fiscal conditions are another major concern for Fitch. The agency projected that the combined fiscal deficits of the US federal and local governments as a percentage of gross domestic product (GDP) will further expand, rising from 6.8% in the previous year to 7.4% in 2026, possibly increasing to 7.9% in 2027, placing the US at the highest level among sovereign countries rated “AA”. Increasing military and interest expenditures, as well as rising healthcare and social security costs, will limit the US’s room to reduce fiscal deficits.
In 2023, Fitch downgraded the US’s highest “AAA” sovereign rating by one notch to “AA+” due to expectations of continued deterioration in the US fiscal situation and ongoing political brinkmanship in Congress surrounding the debt ceiling. The current maintenance of “AA+” with a stable outlook indicates Fitch believes that the resilience of the US economy and financial system is sufficient to offset some fiscal risks.
At present, all three major international rating agencies no longer assign the US the highest “AAA” sovereign credit rating. In May 2025, Moody’s downgraded the US rating from “Aaa” to “Aa1” and revised the outlook from negative to stable, citing the continuous increase in US government debt and interest burden alongside the failure of successive governments and Congress to effectively reverse long-term high fiscal deficits and interest expenditures.
Standard & Poor’s Global Ratings downgraded the US sovereign credit rating from the highest “AAA” to “AA+” in 2011 and has maintained the “AA+” rating with a stable outlook ever since. The agency believes that while the US economy has demonstrated strong resilience, robust fiscal revenue, and a sound institutional framework, continued fiscal deficits and substantial debt burdens remain the primary factors constraining the US credit situation.
(Reference: Reuters)