Moody’s downgrades US credit rating from top level for first time amid fears over soaring debt

The U.S. Capitol Building in Washington, D.C this week - (REUTERS)

Moody’s has slashed the credit rating of the U.S., bringing it down a notch to Aa1 from the highest triple-A rating, over the government’s massive budget deficit and high interest rates.

With the move, Moody’s catches up with the other two major credit rating agencies, which both downgraded the U.S. some time ago.