Moody’s Ratings downgraded the United States’ debt on Friday, stripping the country of its last perfect credit rating. The move could rattle financial markets and push up interest rates.

The US has lost its last perfect credit rating, as influential ratings firm Moody's expressed concern over the government's ability to pay back its debt. In lowering the US rating from 'AAA' to 'Aa1',

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