Fitch Ratings downgraded on Tuesday the United States’ long-term rating to AA+ from AAA, reflecting expected fiscal deterioration, a growing debt burden, and the erosion of governance related to its peers. The Fitch rating now aligns with the S&P Global Ratings, which cut its rating for the U.S. in the 2011 after a government standoff over debt.

The credit ratings firm took the U.S.’s long-term foreign currency Issuer Default Rating off of rating watch negative and assigned a stable outlook. Fitch placed the rating on watch negative in May, when Congress was caught in a struggle over the debt ceiling.

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By Donato