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Fitch’s Downgrade: Correct and Incorrect
Commentary
The last time one of the Big Three credit rating agencies (CRAs) downgraded U.S. debt from the highest AAA ranking was in 2011. But Fitch Ratings’ demotion of the world’s lone superpower—the nation that is the home of the pre-eminent global reserve currency—from AAA to AA+ on Tuesday, while spooking the markets, is being met with shrugs of the shoulders and even contempt.
Proclaiming that “it doesn’t really matter”
Despite the significance of such a downgrade, the response from the financial world has been surprisingly nonchalant. Many experts and investors seem to be brushing off the news, suggesting that it holds little consequence in the grand scheme of things.
Read More From Original Article Here: Fitch’s Downgrade: Right and Wrong
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