Recent affirmations by Fitch and S&P at AA+ with stable outlooks, alongside Moody’s Aa1 rating since 2025, reflect the agencies’ assessment that the U.S. economy’s scale, reserve-currency status, and revenue resilience continue to offset elevated deficits near 7% of GDP and rising debt-to-GDP. These actions, taken through mid-2026, signal limited near-term pressure for further cuts. Congress’s historical pattern of raising or suspending the debt ceiling before binding constraints bind, combined with expectations that any 2027 limit breach would be addressed without default, further supports trader consensus that another downgrade is unlikely before year-end 2026. Stable outlooks from the major agencies embed the view that fiscal trajectories, while concerning over longer horizons, do not justify immediate rating changes.