WASHINGTON (AP) — Fitch Ratings has downgraded the United States government's credit rating, citing rising debt at the federal, state, and local levels and a “steady deterioration in standards of governance” over the past two decades. WASHINGTON (AP) — Fitch Ratings has downgraded the United States government's credit rating, citing rising debt at the federal, state, and local levels and a “steady deterioration in standards of governance” over the past two decades. A lower credit rating, over time, could raise borrowing costs for the U.S. government. It's only the second time in the nation's history that its credit rating has been cut. Fitch had warned May 24 that it could remove the government's triple-A rating as Congress again struggled to raise the borrowing limit.
