NEW YORK, Nov 22: The Fitch ratings agency has said it would wait until the end of the month to make its review of the US sovereign rating, in the wake of the failure of the US special congressional panel to agree to deficit cuts.

“The announcement today that the Super Committee was unable to reach agreement on at least $1.2 trillion of deficit-reduction measures underscores the challenge of securing the political consensus” to reduce the deficit, said Fitch in a statement.In August, Fitch affirmed the US 'AAA' sovereign ratings with a Stable Outlook and said it would update its projects “in light of the Super Committee.

“Fitch now expects to conclude its review of the US sovereign rating by the end of November,” said the agency.

It had previously warned a failure “would likely result in a negative rating action -- most likely a revision of the rating Outlook to Negative, which would indicate a greater than 50% chance of a downgrade over a two-year horizon.”

Less likely, said Fitch, would be a full “one-notch downgrade.” The committee earlier Monday it was deadlocked and was unable to decide how to cut US deficits by $1.2 trillion over 10 years, amid the ongoing feuds between Democrats and Republicans over raising taxes on the rich and spending cuts for social programmes.—AFP