【Fitch Downgrades US 25% Industry Outlook Rating to 'Deteriorating'】Golden Finance reported that the international rating agency Fitch stated on the 21st that policy risks have cast a shadow over the US credit outlook. In its mid-year update, Fitch downgraded the outlook for the US 25% industry by 2025 to 'Deteriorating' due to increased uncertainty, slowing economic growth, and expectations that interest rates will remain high for an extended period. Fitch noted that the recently passed tax and spending bill highlights the long-term challenges facing the US fiscal outlook and will put pressure on healthcare-related industries. The combination of the tax bill and the extension of previous tax cuts is likely to keep the US government's total deficit above 7% of GDP and push the debt-to-GDP ratio up to 135% by 2029. Fitch predicts that by 2025, default rates for US high-yield bonds and leveraged loans will rise to 4.0% to 4.5% and 5.5% to 6.0%, respectively. Policy developments and industry-specific risks will continue to be the main drivers of rating trends this year.