S&P affirms US AA- rating, warns debt trajectory increasingly vulnerable

S&P Global Ratings affirmed the US sovereign rating at AA- with a stable outlook, but revised its forecast to show federal debt rising to 160% of GDP over the next decade, up from prior projections. The agency explicitly warned that the debt trajectory makes the US 'increasingly vulnerable' to fiscal shocks. This marks a notable shift in tone from a major rating agency, signaling growing concern about long-term fiscal sustainability despite the stable outlook.