Moody's was the last of the three major ratings agencies to downgrad the U.S. Fitch Ratings downgraded its U.S. credit rating to AA+ from AAA in 2023. Standard & Poor’s downgraded the nation’s credit rating in 2011.

The downgrade follows a change in the outlook on the sovereign in 2023 due to wider fiscal deficit and higher interest payments, and comes as Congress debates tax and spending plans that could deepen the fiscal hole.

Financial ratings firm Moody’s Ratings downgraded the U.S. government’s credit ratings Friday, citing its rising debt and interest in a move that underscores a ballooning federal budget deficit, making it the last of the big three firms to downgrade the government’s credit.