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 on Friday downgraded the credit rating of the United States by a notch to "Aa1" from "Aaa", citing rising debt and interest "that are significantly higher than similarly rated sovereigns."

Moody's Ratings downgraded U.S. debt, becoming the last of the three major credit rating agencies to move in that direction.