Moody’s has followed in the footsteps of credit rating agencies S&P Global and Fitch Ratings, downgrading their AAA rating on U.S. debt. The move comes amid ongoing challenges associated with mounting U.

Moody's has joined the two other rating agencies in determining that the US is no longer fit to hold a AAA credit score.

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.