Fitch Ratings confirmed on August 22, 2025 that the United States maintains its Long-Term Foreign Currency Issuer Default Rating at AA+, with a Stable Outlook. The agency projects the US debt-to-GDP ratio will rise from 114.5% at end-2024 to 127% by the end of 2027. Fitch also revised its 2026 real GDP forecast down to approximately 1.9%, a reduction of 0.3 percentage points from its March 2025 estimate, with similar projections for 2027. The downward revision reflects headwinds including elevated inflation, energy price volatility, and tariff policy effects on supply chains and import costs. Following Fitch’s downgrade of the US from AAA in August 2023 and Moody’s similar move in May 2025, all three major rating agencies now place the United States one notch below the top tier.
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