{"id":1951,"date":"2025-07-29T08:00:00","date_gmt":"2025-07-29T08:00:00","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/harvest-time-wealth\/?p=1951"},"modified":"2025-07-29T15:24:50","modified_gmt":"2025-07-29T15:24:50","slug":"macroeconomic-perspectives","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/harvest-time-wealth\/macroeconomic-perspectives\/","title":{"rendered":"MACROECONOMIC PERSPECTIVES: A Credit Downgrade"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1951\" class=\"elementor elementor-1951\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7611bf84 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7611bf84\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-48fee407\" data-id=\"48fee407\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-399672e1 elementor-widget elementor-widget-text-editor\" data-id=\"399672e1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 style=\"text-align: justify\"><span style=\"font-size: 24pt\">What\u2019s in a Rating?<\/span><\/h2><p style=\"text-align: justify\">In May, Moody\u2019s downgraded the U.S. credit rating from the top Aaa to Aa1. This move by one of the major credit rating agencies\u2014S&amp;P and Fitch are the other two\u2014raised the question: Does a downgrade matter?<\/p><p style=\"text-align: justify\"><strong>First, what is a rating?<\/strong> A credit rating assesses a borrower\u2019s ability and willingness to repay debt. Unlike personal credit scores, which typically range from 300 to 900, government credit ratings are expressed as letter grades, with AAA representing the highest quality and lowest risk. A downgrade implies an increasing likelihood that a government may default on its bonds.<\/p><p style=\"text-align: justify\"><strong>Why does this matter?<\/strong> A downgrade generally means investors demand higher interest rates to compensate for added risk. Higher interest payments raise the cost of government borrowing. To sustain spending, more bonds must be issued\u2014further increasing the debt burden. In the U.S., interest payments have become the second-largest federal expense, surpassing defence spending in 2024.<\/p><p style=\"text-align: justify\">While credit downgrades can shake investor confidence, equity markets had a muted response, briefly jittering. This was partly because the move wasn\u2019t a surprise, lagging similar downgrades by Fitch in2 023 and S&amp;P in 2011. However, bond prices have come under pressure, sending yields higher, with the 30-year rate surpassing 5 percent in May. It comes at a time when a Republican tax bill rekindled debate about the sustainability of the U.S. deficit and spending.<\/p><p><img decoding=\"async\" class=\"wp-image-3627 alignleft\" src=\"https:\/\/advisor.wellington-altus.ca\/towerwealthadvisory\/wp-content\/uploads\/sites\/37\/2025\/06\/sb3.jpeg\" alt=\"\" width=\"145\" height=\"132\" \/><\/p><p style=\"text-align: justify\">There are likely to be ripple effects. A surge in U.S. mortgage rates may dampen consumer spending. Credit card and auto loan rates are less likely to be affected, as they tend to follow the federal funds rate more directly.<\/p><p style=\"text-align: justify\"><strong>Why is this significant for Canada?<\/strong> Canada is among the few nations still holding the top credit rating from at least two major agencies. Fitch downgraded Canada in 2020 due to pandemic-related spending. While Canada\u2019s credit outlook remains stable, a downgrade would be unwelcome. Net debt is not out of step with other AAA rated economies, but gross debt levels are high, and rising interest rates would raise debt-servicing costs\u2014straining future budgets. The heightened focus on global debt may help explain why Prime Minister Carney has opted to delay the release of the federal budget, usually delivered in the spring. Credit agencies continue to evaluate sovereign debt positions, and the U.S. downgrade follows a move by Moody&#8217;s\u2019 to downgrade France at the end of 2024.<\/p><p style=\"text-align: justify\"><a href=\"https:\/\/advisor.wellington-altus.ca\/towerwealthadvisory\/\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/advisor.wellington-altus.ca\/towerwealthadvisory\/wp-content\/uploads\/sites\/37\/2024\/03\/2.png\" alt=\"\" width=\"2088\" height=\"604\" \/><\/a><\/p><p style=\"text-align: justify\"><span style=\"font-size: 8pt;color: #2c4357\">The information contained herein has been provided for information purposes only. The information has been drawn from sources believed to be reliable. Graphs, charts and other numbers are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual\u2019s objectives and risk tolerance. This does not constitute a recommendation or solicitation to buy or sell securities of any kind. Market conditions may change which may impact the information contained in this document. Wellington-Altus Financial Inc. (Wellington-Altus) is the parent company to Wellington-Altus Private Wealth Inc. (WAPW), Wellington-Altus Private Counsel Inc. (WAPC), Wellington-Altus Insurance Inc. (WAII), Wellington-Altus Group Solutions Inc. (WAGS), and Wellington-Altus USA Inc. Wellington-Altus (WA) does not guarantee the accuracy or completeness of the information contained herein, nor does WA assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Before acting on any of the above, please contact your financial advisor..<\/span><\/p><p style=\"text-align: center\"><span style=\"font-size: 8pt\">\u00a92024, Wellington-Altus Private Wealth Inc., Wellington-Altus Private Counsel Inc., Wellington-Altus Insurance Inc., Wellington-Altus Group Solutions Inc., and Wellington-Altus USA\u00a0<\/span><span style=\"font-size: 8pt\">Inc. ALL RIGHTS RESERVED. NO USE OR REPRODUCTION WITHOUT PERMISSION. <span style=\"color: #2c4357;font-family: var( --e-global-typography-text-font-family ), Sans-serif;font-weight: var( --e-global-typography-text-font-weight );letter-spacing: var( --e-global-typography-text-letter-spacing )\">www.wellington-altus.ca<\/span><\/span><\/p><p style=\"text-align: center\"><span style=\"font-size: 10pt;color: #2c4357\"><span style=\"font-size: 8pt\">If you no longer wish to receive commercial electronic messages from Wellington-Altus Private Wealth Inc., please send an email to unsubscribe@wellington-altus.ca<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>As an investor, wouldn\u2019t it be great to travel back in time 30 years to alter the course of the future? Knowing what you know now, would you choose to do things differently?<\/p>\n","protected":false},"author":68,"featured_media":1571,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[24],"tags":[144,157,146,42,145,79,49],"class_list":["post-1951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-capital-gains","tag-financial-advice","tag-financial-freedom","tag-financial-planning","tag-wealth-advisory","tag-wealth-management","tag-wealth-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>MACROECONOMIC PERSPECTIVES: A Credit Downgrade - Harvest Time Wealth<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/advisor.wellington-altus.ca\/harvest-time-wealth\/macroeconomic-perspectives\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MACROECONOMIC PERSPECTIVES: A Credit Downgrade - Harvest Time Wealth\" \/>\n<meta property=\"og:description\" content=\"As an investor, wouldn\u2019t it be great to travel back in time 30 years to alter the course of the future? 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