News Headline Summary

Fitch says there is no fiscal honeymoon for President Obama

Says:
- Obama will need to quickly secure agreement on avoiding the fiscal cliff and raising the debt ceiling following yesterday's election.
- Resolution of fiscal policy choices would likely result in the US retaining its AAA status by Fitch.
- US rating likely to be cut in 2013 if fiscal issues unresolved.

Update details:

- Worth of note that back in July this year, Fitch affirmed the US rating, and commented that without any material adverse shocks, Fitch does not expect to resolve the negative outlook until late 2013. As such, it seems highly improbable that Fitch would choose now to take ratings action on the sovereign.

Print 10:45, 07 Nov 2012 - Rating Agency comments - Source: Newswires