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BY STEVEN HSIEH

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Ratings agency Fitch reaffirmed the U.S.’s triple-A credit rating with a stable outlook -- two weeks after Standard & Poor’s downgraded U.S. debt to double-A plus.

Fitch cited the U.S.’s –quote “pivotal role in the global financial system,” “wealthy economy,” and “exchange rate flexibility” as pillars of the nation’s creditworthiness.

A writer for the Financial Times points out the differences between Fitch and its less optimistic counterpart.

“Compared to S&P, it places more faith in Congress, current growth assumptions, and the special place of US currency and debt in global capital markets.”

And what about that debt-ceiling debacle that led S&P to downgrade in the first place? Fitch says Congress -- for now at least -- avoided a disaster. Managing director David Riley spoke with CNBC.

Riley: “We actually think the Budget Control Act, which came about as a result of the agreement on the debt ceiling, does imply potentially 4.1 trillion dollars of deficit reduction over the next ten years. That’s not enough to put U.S. public finances on a sustainable path, but actually goes quite a long way if implemented.”

Key words -- if implemented. Fitch says it will change its outlook to negative if Congress’ 12-member super committee doesn’t deliver on a savings plan.

And how did the market react? A writer for the International Business Times says -- it really didn’t.

“The Dow Jones Industrial Average, S&P 500, and Nasdaq all were trading down on Tuesday a few hours after the announcement… This drop could be caused by European uncertainty… or that the uncertainty with the ‘super committee’ dilutes the effectiveness of this affirmation.”

Fox Business’ Stuart Varnay downplayed Fitch’s influence, as well as the news itself.  He says it doesn’t change the troubled state of the economy.

Varnay: “That is Fitch. That is a smaller, and perhaps less important rating agency… There is indeed some good news on that front, but I think it’s been overshadowed by news from Europe and the news about the delay in the president’s jobs and growth plan, and the general unease about the state about our economy and whether or not we’re going to slide into a recession.”

For the record -- Moody’s -- the other major ratings agency -- also maintained the U.S.’s triple-A rating, but gave it a negative outlook.
 

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