A failure to raise the U.S. debt ceiling, however unlikely, could have broad implications for the U.S. and global economy. On May 25, 2023, Morningstar DBRS placed the United States, rated AAA, Under Review with Negative Implications, to reflect the risk of Congressional inaction as the X-date approaches. Here are our latest insights on the credit implications of recent events, as well as updates on our fundamental and structured finance credit ratings.