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Fitch downgraded the U.S. credit rating due to fiscal concerns, a deterioration in U.S governance, as well as political polarization reflected partly by the Jan. 6 insurrection, Richard Francis, a senior director at Fitch Ratings, told Reuters on Wednesday.

For the United States to have its rating upgraded there would need to be a combination of factors, such as a stabilization of debt to GDP, and possibly a permanent suspension of the debt ceiling, said Francis.