On Friday, Moody’s, one of the world’s leading credit rating agencies, downgraded the outlook for the United States’ credit rating. The agency expressed concerns about the increasing levels of U.S. government debt, noting that these could rise further if a proposed package of tax cuts is implemented. The downgrade could result in higher borrowing costs for the U.S. government, as investors may demand higher interest rates to compensate for perceived increased risk. This move by Moody’s follows similar downgrades by other major rating agencies in recent years, meaning that none of the three largest agencies now assign the U.S. their highest, triple-A, credit rating. Credit ratings are used by investors to assess the risk of lending to governments and corporations. A lower rating can affect a country’s ability to borrow money and may have broader implications for financial markets.