Maryland loses its Triple-A bond rating this week. Moody’s downgraded the state’s credit to AAone. They say it’s because of the states “downgrade by economic and financial under performance including the shift in federal policies along with layoffs.

Maryland has lost its triple-A bond rating from Moody’s. Maryland has held this top rating since 1973, and state officials have long cited it as a sign of state’s strong fiscal stewardship.

Maryland lost its AAA bond rating, which means higher borrowing costs and a hit to the state’s creditworthiness.