Standard & Poor's confirmed the US credit rating (AA+ long-term, A+1 short-term), raising the outlook from negative to stable. The US agency announced it today, specifying that the assessment "reflects above all the strength of the US economy and monetary system, as well as the status of the dollar as a key world reserve currency".
The chances of a downward revision of the sovereign rating, S&P points out, are less than one in three. Futures on Wall Street indices remain up 0,5% after last Friday's data on the US labor market in May removed the risk that the Fed will soon decide to slow down its monetary stimulus policy.
The rating, one step below triple A, the maximum possible, also reflects the country's high level of debt, the stability and effectiveness of the political decision-making process and the fiscal performance.
"The US economy is highly diversified and market-oriented, with an adaptable and resilient economic structure, all of which contribute to good credit quality," the document reads.
S&P is also convinced that the monetary authorities have “the ability and the will to promote sustainable economic growth and to mitigate economic and financial shocks”. Against this backdrop, the dollar is expected to continue to maintain its role as the major reserve currency.
Even if US institutions are "generally solid", the ability to manage medium-term fiscal problems "has declined in the last decade", mainly due to an increase in friction between the two main alignments, the Democrats and the Republicans. That said, some progress has been made, such as the deal to avoid the fiscal cliff, according to S&P.
