FYI - The US lost its AAA rating almost two years ago. This chart shows the market value of AAA securities in the Bloomberg US Aggregate Index. (All investment-grade securities in the US.) It fell on August 6, 2023, after Fitch downgraded the US to AA+. The US became "split-rated" AA+ since S&P downgraded it on August 5, 2011. (Moody's maintained its Aaa rating until May 16, 2025). Index providers, like Bloomberg, began to reflect this new split-rated AA+ in August 2023. Moody's downgrade did not change the US rating. They just aligned with what it already was. --- The nearly 9T of remaining AAA debt is mainly Mortgage-Back Securities (MBS), Agencies (Fannie/Freddie), Supranationals (IBRD, EIB), and a very small handful of corporates (like Microsoft and Johnson and Johnson) FYI - Apple is AA+, just like the US.