The Globe and Mail reports in its Saturday, May 17, edition that Moody's on Friday downgraded its credit rating of the United States by a notch to "AA1" from "AAA," citing rising debt and interest "that are significantly higher than similarly rated sovereigns." A Reuters dispatch to The Globe reports that Moody's said: "Successive U.S. administrations and Congress have failed to agree on measures to reverse the trend of large annual fiscal deficits and growing interest costs. Over the next decade, we expect larger deficits as entitlement spending rises while government revenue remains broadly flat." Moody's was the last among major ratings agencies to keep a top, triple-A rating for U.S. sovereign debt, though it had lowered its outlook in late 2023 owing to wider fiscal deficit and higher interest payments. On Friday, the agency changed its outlook on the U.S. to "stable" from "negative." It typically "resolves" an outlook, meaning in case of a negative outlook it either brings it back to stable or goes ahead with a rating downgrade, within 18 to 24 months, so an update to its rating was likely at some point this year.