> Ratings Downgrade: The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to 'AA' and 'AAA' rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions.
Yes, but there are two other reasons before that (projected fiscal deterioration, high debt burden). So it's in the list of reasons but, not at the "very top".
A high and growing debt burden on the US government has been true for decades, that hasn't changed, what seems to have more impact is exactly the erosion of governance. The constant stand-offs holding the budget hostage isn't a thing that happens with other AAA-rated governments, it's pretty unique to the USA and has been happening constantly for the past decade+.
I believe what the other comments mentioning "at the very top" mean is that it's there on the by-line, not buried somewhere else in the report. To me it makes sense to call it "at the very top".
> Ratings Downgrade: The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to 'AA' and 'AAA' rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions.