Major rating agencies have maintained stable outlooks on U.S. sovereign debt following Moody’s 2025 downgrade to Aa1, with Fitch affirming AA+ in August 2026, S&P upholding AA+ in June 2026, and DBRS confirming AAA in September 2026. Analysts at Fitch have stated that a further cut so soon after 2023 would be highly unusual, citing the dollar’s reserve status, economic resilience, and expectations that Congress will address the debt ceiling without default. Persistent deficits and rising interest costs continue to pressure debt-to-GDP ratios, yet recent agency actions and outlooks reflect no near-term catalysts for additional downgrades before year-end 2026. Trader consensus at 91% for no further action aligns with these stable assessments and the typical pace of sovereign rating changes.