It has been more than five years since credit ratings firm Standard & Poor’s downgraded the U.S. economy from the prized AAA score to AA — and that is unlikely to change in 2017, Standard and Poor’s chief sovereign rating officer told CNBC Wednesday.
At the time, S&P justified its downgrade on concerns over the rising budget deficit and debt burden. And the world’s largest economy is not doing “very much to actually dispel those concerns,” Moritz Kraemer, chief sovereign rating officer at S&P global ratings told CNBC on Wednesday.
The current policy making “is very uncertain,” he added.
“For a triple-A rated sovereign you’d expect a little more of visibility, you’d expect sort of more continuity in policies,” he said, adding that for now the outlook is stable and any changes are unlikely to take place any time soon.
S&P forecast last December an increase in U.S. gross domestic product (GDP) of 2.4 percent for 2017, up from a projection of 1.6 percent for last year.
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