News Summary: US keeps 'AAA'; outlook negative

Last Updated: Wed, Jul 11, 2012 01:01 hrs

: Fitch Ratings has retained the U.S. at its top 'AAA' credit rating.

OUTLOOK STILL NEGATIVE: But Fitch also left the outlook negative, citing the failure of Congress and the Obama administration to forge an agreement on reducing the budget deficit.

UNCERTAINTY OVER POLICIES: Fitch says that uncertainty over federal tax and spending policies related to the so-called fiscal cliff "weighs on the near-term economic outlook" and raises the prospect of another recession. Unless Congress acts, the "fiscal cliff" comes at year's end, with billions in tax cuts expiring and billions more in automatic spending cuts kicking in.

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