Commentary
The last time one of the Big Three credit rating agencies (CRAs) downgraded U.S. debt from the highest AAA ranking was in 2011. But Fitch Ratings’ demotion of the world’s lone superpower—the nation that is the home of the pre-eminent global reserve currency—from AAA to AA+ on Tuesday, while spooking the markets, is being met with shrugs of the shoulders and even contempt.
