Moody's downgrade of the U.S. credit rating made it the third of the three major ratings agencies to downgrade U.S. credit since 2011 amid widening budget deficits.

Moody’s has downgraded the nation’s credit rating one notch to Aa1, leaving the U.S. without a top grade among any of the major rating agencies.

Moody’s has downgraded the US credit rating for the first time, citing rising debt and political dysfunction. Here’s what the move means for your wallet, interest rates, and the broader economy.