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Investment Event

Fitch downgrades US
03 August 2023
    Articles
    Download the full reportPDF, 988.48KB

    Key takeaways

    • The rating agency Fitch has downgraded the credit rating of US federal government debt to AA+ from AAA
    • The move reflected a range of factors including concern over the longer-term debt trajectory, an expected recession and limited prospects for near-term fiscal consolidation
    • We continue to argue for a defensive positioning in portfolios given restrictive monetary policy and analysts’ expectations for GDP and corporate profits which, in our view, look too optimistic

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