The dip in the U.S. credit rating indicates that ratings agencies believe the government is at a higher risk of default on its debt. While the U.S. rating still remains relatively high, the decrease may make investors more hesitant to lend to the government, and demand higher compensation for lending in the form of higher interest rates.

The credit rating downgrade signals higher borrowing costs, potentially impacting Nassau and Suffolk counties' budgets and residents' loans.

Credit rating firm Moody’s downgraded the rating on U.S. sovereign credit on Friday, citing concern over the growth in the nation’s debt over the past decade and the nation’s high interest payments. The change means the United States’ rating dropped one notch from below its former triple-A rating,

Moody’s downgrades the U.S. credit rating for the first time since 1919, citing rising debt. Crypto markets react with Bitcoin and Ethereum slipping as investors weigh broader economic risks.

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.Video above: Best money moves to make right now in a volatile ...