In 2018, the United States had the largest external debt in the world. As a percentage of GDP, it had the 34th largest government debt in the world in 2017; however, more recent estimates vary. The total national debt of the United States was , or 107% of GDP, in the fourth quarter of 2019. By 2012, total federal debt had surpassed 100% of U.S. GDP. The U.S. has a credit rating of AA+ from Standard & Poor's, AAA from Fitch, and AAA from Moody's.