Why has the US lost its AAA credit rating, and why does it matter? | Business and Economy News

Last week, Moody’s downgraded the credit rating of the United States due to concerns over its $36 trillion debt pile. The move sent ripples through financial markets and could complicate President Donald Trump’s efforts to cut taxes.

The Moody’s rating agency dropped the US government’s credit score by one notch from the pristine Aaa to Aa1. It cited rising debt and interest costs “that are significantly higher than similarly rated sovereigns.”

Last week’s cut followed a…