Janet Yellen, the U.S. Secretary of the Treasury, has strongly disagreed with the decision of international credit rating agency Fitch Ratings to downgrade its credit rating from “AAA” to “AA+”.
In response to the recent announcement by the rating agency, which has sparked debate among analysts, economists, financial experts, and government officials in the U.S. and other places in the world, Yellen issued a press statement on Tuesday registering her displeasure over the agency’s decision to cut the U.S. credit rating.
The Secretary of State, like several other economists in the U.S., had called out the agency for using a quantitative rating model that had not only declined significantly but lost relevance in global competitive evaluation.