Moody’s Ratings slashed the United States’ credit rating down a notch to Aa1 from the highest triple A on Friday, citing the budgetary burden the government faces amid high interest rates.

Asian shares fell Monday and U.S. futures and the dollar weakened after Moody’s Ratings downgraded the sovereign credit rating for the United States because of its failure to stem a rising tide of debt.

Fitch Ratings downgraded US long-term debt from AAA to AA+, citing political gridlock over the debt ceiling and fiscal instability.S&P was the first to downgrade its US rating in 2011 to AA+ from AAA.