The S&P Global Ratings agency affirmed the US 'AA+/A-1+' sovereign ratings while maintaining a ‘Stable’ outlook on steady, albeit high, deficits.
Expect US net general government debt to approach 100% of GDP given structurally rising nondiscretionary interest and aging-related expenditure.
Expect the US economy to grow around 2% following a slowdown in 2025 and 2026.
US' outlook indicates fiscal deficit outcomes won't meaningfully improve, but we don't project persistent deterioration over next several years.
Expect US' average annual real GDP growth to decelerate during 2025 and 2026 to 1.7% and 1.6%, respectively.