S&P Global Ratings confirmed on June 26 that the United States will keep its AA+ credit rating with a stable outlook. The decision reflects what S&P sees as an economy resilient enough to keep fiscal deficits from spiraling further, even if they remain uncomfortably high.

For context, AA+ is one rung below the pristine AAA rating that the US held for decades. The country lost that top-tier status from S&P back in August 2011, and it hasn’t earned it back since.

Why S&P held steady

S&P believes the US economy generates enough revenue to keep the government’s fiscal picture from deteriorating meaningfully over the next several years.

“The US economy’s resilience should support solid fiscal revenue collection, including from continued tariffs, and stabilize fiscal deficits over the next several years,” said S&P analysts led by Lisa Schineller.

The mention of tariffs is notable. S&P is explicitly factoring in trade policy as a revenue stream that contributes to fiscal stability.

The last major rating action from S&P came in August 2025, when the agency also maintained AA+ with a stable outlook. This latest affirmation is essentially a re-up of that assessment, signaling that nothing in the intervening months changed the math enough to warrant a revision in either direction.

The bigger picture: all three agencies now sit below AAA

The US no longer holds a top credit rating from any of the three major agencies. S&P pulled the trigger first in 2011. Fitch followed with its own downgrade to AA+ in 2023. And Moody’s, the last holdout, finally cut the US to Aa1 in May 2025.

The stable outlook means S&P doesn’t expect to change the rating in either direction over its forecast horizon, which typically spans two years.

What this means for crypto and broader markets

The immediate market reaction to the affirmation was muted across both traditional and digital asset markets. A rating hold is a non-event by definition, confirming what was already expected rather than introducing new information.

S&P’s explicit mention of tariff revenue as a stabilizing factor means any shift in trade policy could directly impact the ratings calculus. A rollback of tariffs, a trade deal that reduces collections, or a recession that crimps all revenue streams could reopen the downgrade conversation.