Fitch Ratings ‘Bizarre and Inept’ US Credit Downgrade Ignores One Key Fact
Fitch Ratings cut its triple-A credit grade for U.S. debt late Tuesday. But it forgot to consider one inescapable fact.
By MARTIN BACCARDAX, The Street
Fitch Ratings late on Tuesday delivered a potentially humiliating blow to America’s financial reputation, lowering the country’s coveted triple-A credit rating and issuing a scathing indictment of its political processes, its fiscal management and its long-term debt prospects.
The only trouble is none of Fitch’s assessments really matter to global investors and won’t have any impact on the issues the credit-rating company raised nor market demand for the trillions of dollars in Treasury securities that underpin the world’s financial system.
