Moody's Investors Service changed the outlook on the United States's credit rating from"stable" to"negative" but reaffirmed the country's AAA rating.
In a release on Friday, Moody's said that the outlook for U.S. credit was changed due to fiscal deficits remaining large, which is causing debt affordability to weaken significantly. It also said that"continued political polarization" is part of the reason for the change in the outlook.
"Continued political polarization within US Congress raises the risk that successive governments will not be able to reach consensus on a fiscal plan to slow the decline in debt affordability," the release continued. Some of the specific reasons mentioned for the outlook change were the recent ouster of the speaker of the House,"renewed debt limit brinkmanship," and the threat of a government shutdown.
The outlook change on U.S. credit by Moody's comes months after Fitch Ratings downgraded the country's credit rating from AAA to AA+. With that downgrade, Fitch attributed it to the"steady deterioration in standards of governance over the last 20 years."
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