Downgrade is not new, was it a thing when biden was in wh?

Since 2020, three major credit agencies have downgraded the U.S. credit rating: Standard & Poor's, Fitch, and Moody's. Standard & Poor's downgraded the U.S. rating in 2011, Fitch followed in 2023, and this time Moody's downgraded it. These downgrades occurred due to concerns about rising national debt, and the erosion of governance.