The U.S. credit rating was downgraded by Moody’s Ratings on Friday, with the nation’s credit score lowered from Aaa to Aa1.
The downgrade “reflects the increase over more than a decade in government debt and interest payment ratios to levels that are significantly higher than similarly rated sovereigns,” the credit rating firm said in a statement on Friday.
“Successive US administrations and Congress have failed to agree on measures to reverse the trend of large annual fiscal deficits and growing interest costs,” Moody’s added.
— This is a developing story and will be updated.