Fitch cuts US credit rating

Credit ratings agency Fitch on Tuesday downgraded the U.S. government's credit rating over concerns about "growing debt burden" and "an erosion of governance."

Fitch, one of three major independent agencies that assess creditworthiness, lowered the U.S. credit rating from the top-notch AAA to AA+.

"The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance" relative to peers, Fitch said in a statement.