The US government lost its last triple-A credit score from a major international ratings firm after a downgrade by Moody’s Investors Service on May 16, in a bleak milestone for the world’s largest economy.

The Moody's announcement follows similar actions from Fitch and S&P in recent years and could result in higher borrowing costs.

Moody's becomes latest major credit rating agency to downgrade US' 'perfect' long-term credit rating - Anadolu Ajansı

Moody’s is the last of the three major rating agencies to lower the federal government’s credit. Standard & Poor’s downgraded federal debt in 2011 and Fitch Ratings followed in 2023