HONG KONG (AP) — Global shares fell Monday and U.S. futures and the dollar also 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.

Wall Street stocks fell early on Monday after financial ranking firm Moody’s slashed the United States’ credit rating and markets awaited further action on President Donald Trump’s sweeping tax cut measure.

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.

The United States has been stripped of a prized top credit rating for the first time, as fears rise that the Trump administration will not tackle its soaring debts.

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 ...

The yield on both 10 and 30-year government bonds rose on Monday after another credit ratings agency downgraded the US on Friday.