The ratings agency Fitch has announced it is upgrading itself from AAA to AAAAA — an unprecedented leap to the highest possible rating for an ratings agency.
“In honor of our 100 years of quality ratings, we’ve decided to give ourselves some special recognition,” said Fitch CEO and president Paul Taylor. “We want the world to know that whether we’re downgrading the United States from AAA to AA , or upgrading Greece from CCC to B-minus, you can rest assured that our ratings are rated AAAAA.”
The other two major ratings agencies have responded to Chicago-based Fitch’s upgrade by downgrading it. Moody’s significantly dropped Fitch from a rating of A1 to B1, while Standard & Poor’s lowered Fitch’s rating from AAA to F — lower than their previous lowest rating of D.
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