Fitch Ratings cited Washington's rising debt burden and political difficulties in addressing spending and tax policies as the key reasons for reducing its rating from AAA to AA+.

Fitch Ratings downgraded Canada's triple-A credit rating in June, dropping the country to an "AA+" rating over what it called "the deterioration of Canada's public finances"' due to COVID-19.

Fitch Ratings has downgraded Ontario's long-term debt rating, highlighting "risks" on the path to the Liberal government's target of balancing the budget by 2017-18.