August 17, 2011 9:34 AM

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FITCH ratings affirms triple A status to US

Leading International credit rating agency, FITCH has affirmed the triple A status of United States. It implies that the wealth and the financial flexibility of US as one of the world's most reliable borrowers continues. The move is a reflection of the pivotal role of United States in the global financial system and the role of dollar as the reserve currency. David Riley, head of Government ratings at FITCH ratings said that the agency still believes that US is an exceptionally strong credit. The FITCH ratings virtually amount to a vote of confidence for Washington's Deficit reduction efforts. The agency however, said that it will revisit its decision at the end of the year. Barely, two weeks ago, Standard and Poor had downgraded US ratings to double A plus. The S&P dowgrade of the US had led to volatility in the global stock markets. Earlier, Moody's Investor Services have affirmed its triple A rating on US on second August but assigned a negative outlook.

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