Fitch maintains US AAA rating despite rising unemployment due to Covid-19

Fitch Ratings on Thursday reaffirmed the United States's AAA credit rating, even with the country facing rising unemployment and a looming recession as the coronavirus pandemic exacts its toll.

"The US sovereign rating is supported by structural strengths that include the size of the economy, high per capita income and a dynamic business environment," Fitch said.

The rating came as the Department of Labour reported unemployment claims surging to 3.3 million in the week ending March 21 after the pandemic caused many businesses to close.

Fitch predicted that US GDP will shrink by about three percent this year, worse than during the global