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Boston Herald
Boston Herald
2 Aug 2023
Associated Press


NextImg:Ticker: Fitch downgrades US credit; DoorDash beats predictions; WWE boss subpoenaed by feds

Fitch Ratings has downgraded the United States government’s credit rating, citing rising debt at the federal, state, and local levels and a “steady deterioration in standards of governance” over the past two decades.

Fitch says the worsening political polarization around spending and tax policy are key reasons for the downgrade. It said U.S. governance has declined relative to other highly rated countries and cited “repeated debt limit standoffs and last-minute resolutions.”

The rating was cut one notch to AA+ from AAA, the highest possible rating. The new rating is still well into investment grade.

DoorDash set new records for total orders and revenue in the second quarter as its grocery and convenience deliveries accelerated and it improved driver efficiency.

The San Francisco-based delivery company said its total orders rose 25% to 532 million for the April-June period. That was ahead of Wall Street’s forecast of 521 million, according to analysts polled by FactSet.

Revenue rose 33% to $2.1 billion, which was in line with analysts’ forecasts.

Federal law enforcement agents executed a search warrant and served a federal grand jury subpoena to WWE Executive Chairman Vince McMahon last month, according to a regulatory filing.

McMahon is also taking medical leave from the sports entertainment company following recent spinal surgery. That announcement comes as WWE reported better-than-expected revenue in the second quarter.

The company saw an increase in ticket sales for live events, both domestically and overseas. It also reported an uptick in advertising and sponsorship revenue.