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 lost its triple-A credit score with Moody's on Friday, with the credit ratings firm citing rising federal debt and interest costs. The US was downgraded from Aaa, the highest rating, to Aa1. Some sovereigns with an Aaa ratings from Moody's include the European Union,

Rising deficits and budget chaos finally caught up with the U.S. credit rating Friday when Moody’s Investor Service downgraded the government, stripping its last triple-A rating.