Major rating agencies have maintained stable outlooks on U.S. sovereign credit following Moody’s 2025 downgrade to Aa1, S&P’s affirmation of AA+ earlier in 2026, and Scope’s October 2026 decision to hold its AA- rating steady despite warnings of rising debt-to-GDP ratios and elevated interest costs. These actions reflect the resilience of the U.S. economy, the dollar’s reserve status, and expectations that deficits will remain high but not materially worsen in the near term. Recent fiscal developments, including debt-ceiling negotiations and bipartisan gridlock on spending restraint, have not triggered new negative actions. Traders assign an 88% implied probability to no further downgrade before 2027 because agencies have signaled limited near-term risk absent sharper deterioration in fiscal metrics or institutional stability.