On August 1, one of three nationally recognized agencies downgraded the U.S. credit rating to AA+ from AAA. Among reasons cited by Fitch Ratings were an expected U.S. fiscal deterioration over the next three years, a high and growing U.S. government debt burden, and continuing government debt ceiling brinksmanship. Standard & Poor’s downgraded the U.S. to the same AA+ level in 2011 and assigned a negative credit outlook in 2013. Moody’s has maintained its highest credit rating for the U.S. Both Fitch and Moody’s view the current U.S. credit outlook as stable. A review of sovereign debt levels, credit trends and relative ratings can provide perspective for economic activity and investing ahead.