Moody's: Likely to Back US Rating If Debt Ceiling Raised

Moody's declined to comment about how it would react to the government's tentative deal, but it referred back to its latest report it released on the U.S. debt debate.

That report, published Friday said the agency was likely to affirm the government's triple-A rating if it raised the debt ceiling , but it could place a negative outlook on the country if it feels the plan to reduce the deficit doesn't significantly change the country's debt situation.

There continues to be concern that rival ratings agency Standard & Poor's may opt to downgrade the country's credit rating.

S&P has said repeatedly that a deal would likely have to cut about $4 trillion in order to avoid a downgrade.

Some analysts suspect that even if the deal is approved S&P will downgrade US debt.