**Major credit rating agencies maintain stable outlooks on U.S. sovereign debt, supporting trader expectations that another downgrade is unlikely before the end of 2026.** Fitch affirmed its AA+ rating with a stable outlook in August 2026, citing resilient economic growth, expected deficit stabilization, and the likelihood that Congress will raise or suspend the debt ceiling as needed. S&P similarly affirmed AA+ with a stable outlook in June 2026, noting solid tax revenues and manageable fiscal pressures despite elevated deficits. Moody’s completed its downgrade to Aa1 in 2025, aligning with the other major agencies, and recent commentary from Fitch has described rapid successive downgrades as highly unusual. Scope Ratings kept its more conservative AA- rating stable in early October 2026 while warning of rising debt-to-GDP ratios (projected toward 160% over the decade) and high interest costs, but it did not signal an imminent cut. Morningstar DBRS confirmed AAA with a stable trend in September 2026. The debt ceiling is projected to bind around mid-2027, leaving limited time and few scheduled catalysts—such as major fiscal votes or economic shocks—that would prompt immediate rating actions in the remainder of 2026. Agencies continue to emphasize the dollar’s reserve status, deep capital markets, and institutional strengths, which offset fiscal concerns in their assessments. This positioning aligns with historical patterns where rating changes occur after sustained deterioration rather than short-term standoff risks, leading markets to price a low probability of further downgrades before 2027.