Fitch Ratings delivered a blow to the credibility of U.S. debt Tuesday evening when it downgraded the country's credit rating from AAA to AA+.

The last time one of the top three ratings firms made this call was in 2011 by S&P Global Ratings. Stocks slid Wednesday as investors took in Fitch's scathing assessment.

The tech-heavy Nasdaq ended the trading day down 2.17%, its worst since February. The S&P 500 fell 1.38% and the Dow Jones Industrial Average dropped 0.98%.

The firm said the downgrade was based on expected fiscal deterioration over the next three years, a growing government debt burden, and the erosion of governance compared to other top-rated countries. Fitch reportedly cited Jan. 6, 2021 as an example during a meeting with Biden administration officials.... Read More: FOX45