{"id":5454,"date":"2023-05-07T17:15:50","date_gmt":"2023-05-07T21:15:50","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/scope-ratings-places-us-credit-ratings-under-review-for-possible-downgrade\/"},"modified":"2023-05-07T17:15:50","modified_gmt":"2023-05-07T21:15:50","slug":"scope-ratings-places-us-credit-ratings-under-review-for-possible-downgrade","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=5454","title":{"rendered":"Scope Ratings places US credit ratings under review for possible downgrade"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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(Reuters) -Scope Ratings on Friday placed the United States of America’s AA long-term issuer and senior unsecured debt ratings in local and foreign currency under review for a possible downgrade due to longer run risks associated with the misuse of the debt ceiling instrument.<\/p>\n

Scope, which is seen as the leading European credit rating agency, said that recurrent debt-ceiling crises have resulted in phases of debt repayment distress for the U.S government, adding that the government is dependent on last-minute congressional action to ensure repayment of its debt in full and on time.<\/p>\n

A rise in political polarisation, divided government since November 2022 congressional elections and more elevated federal deficits over the forthcoming years are the other reasons Scope cited for the ratings review.<\/p>\n

The U.S. government hit its $31.4 trillion borrowing limit in January, amid a standoff between the Republican-controlled House of Representatives and President Joe Biden’s Democrats.<\/p>\n

The United States could run out of money to pay its bills as soon as June 1 if Congress does not raise the debt ceiling, according to Treasury Secretary Janet Yellen.<\/p>\n

Last week, the Republican-led U.S. House of Representatives passed a bill that pairs $4.8 trillion of spending cuts with an increase in the ceiling. But Biden and his fellow Democrats insist Congress should raise the cap without conditions.<\/p>\n

Scope also placed United States’ S-1+ short-term issuer ratings in local and foreign currency under review for downgrade.<\/p>\n

Rating agencies Moody’s (NYSE:) and Fitch both have a triple-A rating for the United States – the highest credit quality status they can assign to a borrower. <\/p>\n

S&P Global (NYSE:)’s sovereign rating for the United States is ‘AA+’, the second highest rating by the agency. In its published report from March last, S&P expected Congress to continue to raise or suspend the debt ceiling, despite “political brinkmanship” between the executive and legislative branches of government.<\/p>\n

Scope Ratings has been in talks with the European Central Bank to become one of its recognized agencies, joining Standard and Poor’s (NYSE:), Moody’s, Fitch and DBRS.\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. (Reuters) -Scope Ratings on Friday placed the United States of America’s AA long-term issuer and senior unsecured debt ratings in local and foreign currency under review for a possible downgrade due to longer run risks associated with the misuse of the debt ceiling instrument. Scope, which is seen as the leading European credit […]<\/p>\n","protected":false},"author":1,"featured_media":2828,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-5454","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nScope Ratings places US credit ratings under review for possible downgrade | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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