The move wasn't completely unexpected: Moody's had warned in early June that a ratings review was likely in mid-July if there wasn't "meaningful progress" in discussions to raise the debt limit. Unlike Fitch, which promised to cut the U.S. ratings to "restricted default" after a few missed debt payments, Moody's has said it would downgrade the United States to the "Aa" range, still considered investment grade. Standard & Poor's in April placed the U.S. rating on negative outlook, which means a downgrade is likely in 12-18 months.