"In confirming the AAA rating, Moody's also recognized that today's agreement is a first step toward achieving the long-term fiscal consolidation needed to maintain the US government debt metrics within AAA parameters over the long run," said in a statement. "In assigning a negative outlook to the rating, Moody's indicated, however, that there would be a risk of downgrade if (1) there is a weakening in fiscal discipline in the coming year; (2) further fiscal consolidation measures are not adopted in 2013; (3) the economic outlook deteriorates significantly; or (4) there is an appreciable rise in the US government's funding costs over and above what is currently expected." Moody's statement also said it "expects to see a stabilization of the federal government's debt-to-GDP ratio not too far above its projected 2012 level of 73 percent by the middle of the decade, followed by a decline." All three major rating agencies had warned of a downgrade before the debt-ceiling deal. Moody's is the first to come out and preserve the country's AAA status.