Bangkok Post

Fitch maintains US ‘AAA’ rating


WASHINGTON: Fitch Ratings on Thursday reaffirmed the United States’s ‘AAA’ credit rating, even with the country facing rising unemployme­nt and a looming recession as the coronaviru­s pandemic exacts its toll.

“The US sovereign rating is supported by structural strengths that include the size of the economy, high per capita income and a dynamic business environmen­t,” Fitch said.

The rating came as the Department of Labour reported unemployme­nt claims surging to 3.3 million in the week ending March 21 after the pandemic caused many businesses to close.

Fitch predicts that US GDP will shrink by about 3% this year, worse than during the global financial crisis in 2009, but the economy could recover in 2021 if the virus is contained.

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