Scope said that recurrent debt-ceiling crises have resulted in phases of debt repayment distress for the U.S. government.
The New York Stock Exchange in New York, US, on Tuesday, March 28, 2023.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.
A rise in political polarization, 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.its $31.4 trillion borrowing limit in January, amid a standoff between the Republican-controlled House of Representatives and President Joe Biden's Democrats.
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. Rating agencies Moody's and Fitch both have a triple-A rating for the United States - the highest credit quality status they can assign to a borrower.
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