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It was Wall Street that showed the first signs of cracks on Tuesday as debt ceiling stand-off continued to drag on without any resolution. Now, as politicians on both sides appear to drag the impasse to the wire, Fitch ratings, on Wednesday, placed the ‘AAA’ Long-Term Foreign-Currency Issuer Default Rating of the United States on Rating Watch Negative.
The ratings agency said its action reflects increased political partisanship that is hindering reaching a resolution to raise or suspend the debt limit despite the fast-approaching X date – the day when the government is expected to run out of options to fund itself.
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"Fitch still expects a resolution to the debt limit before the x-date. However, we believe risks have risen that the debt limit will not be raised or suspended before the x-date and consequently that the government could begin to miss payments on some of its obligations," it said in a statement.
The agency also stated that failing to make full and timely payments on debt securities is less likely than reaching the x-date and is a very low probability event. However, it said such a failure would be a debt default under Fitch’s sovereign rating criteria and "would lead us to downgrade the sovereign IDR to Restricted Default."
Price Action: President Joe Biden's administration and Republican lawmakers continued to hint their ongoing talks on Wednesday were productive but failed to reach a decisive outcome.
U.S. markets ended in the red on Wednesday as investors continued to remain cautious about a potential default. The SPDR S&P 500 ETF Trust (NYSE:SPY) closed 0.72% lower on Wednesday while the Invesco QQQ Trust Series 1 (NASDAQ:QQQ) shed 0.51%, according to Benzinga Pro.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.