Moody’s decision to join other major ratings agencies in downgrading the U.S.’s once-pristine credit rating could have a tangible impact on Americans’ wallets. The agency has dropped the U.S. sovereign credit rating—an assessment of the country’s ability to pay its debts—down one level from the highest possible Aaa to Aa1.

The U.S. credit rating was downgraded by Moody's Ratings on Friday, highlighting investor concerns about the government's growing debt.The downgrade from the top rating of Aaa to Aa1 "reflects the increase over more than a decade in government debt and interest payment ratios to levels that are significantly higher than similarly rated sovereigns,