For the first time in 12 years Fitch downgrades US's Credit Ratings.
The world's leading rating agency Fitch's confidence in America's economy has been shaken.
Fitch has downgraded the rating in view of America's weakening financial condition and rising debt.
Fitch has downgraded America's rating from AAA to AA+. Let us tell you that AAA is the top rating given by Fitch.
For the first time since 2011, the rating of the world's most powerful economy has been downgraded by any rating agency.
This is very bad news for the US as investment in US government instruments is considered the safest.
Fitch's decision to downgrade America's credit rating could impact mortgage rates, allowing investors to sell Treasuries.
Selling of US Treasuries by investors will push up yields and everything is expected to get costlier.
Fitch says that in the last 20 years, the condition of governance in America has worsened.
After Fitch's downgrade, the US has become below Switzerland and Germany and at par with Austria and Finland.
Terming Fitch's assessment as arbitrary, US Finance Minister Janet Yellen said that it does not describe the current situation.
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