Moody's changed the US credit rating to negative. Is it important?

Ratings agency Moody's downgraded its US credit rating outlook to negative from stable, citing large budget deficits and declining debt affordability.

Moody's became the last of the three major rating agencies to maintain its top rating on the US government. In August, Fitch changed its rating from triple A to AA+, joining S&P, which has had an AA+ rating since 2011.

For financial markets, the loss of the United States' top rating from all three major agencies would be more of a symbolic event than a real shock.

Rating agencies usually react to changes in economic indicators with a great delay. Therefore, for the debt market, current indicators of the budget deficit and inflation are much more important than changes in ratings from agencies.

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