Moody’s downgraded the state’s credit rating to Aa1. Maryland had received a triple-A bond rating from Moody’s since 1973. The state has benefitted from the higher rating by paying the lowest rates when it sells bonds to pay for infrastructure, likes roads and schools.

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

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.