This is a bit more serious than when Egan Jones does it...

Because Fitch, Moody's, and Standard & Poor's are the big three when it comes to banks and what bonds they can hold as securities...

Will make a huge difference in Basel III Tier I asset catagorization as well...


LONDON (AP) — The United States could lose its top credit rating for the second time from a leading credit agency if there's a delay in raising the country's debt ceiling, Fitch Ratings warned Tuesday.

Congress has to increase the country's debt limit, which effectively rules how much debt the U.S. can have, by March 1 or face a potential default. There are fears that the debate will deteriorate into the squabbling and political brinkmanship that marked the last effort to raise the ceiling in the summer of 2011. The U.S. Treasury Department warned then that it had nearly reached a point where it would be unable "to meet our commitments securely."

If Fitch does move to downgrade the US, it will join Standard & Poor's, which was so concerned by the dysfunctional 2011 debate that it stripped the U.S. of its triple A rating for the first time in the country's history. Another major ratings agency, Moody's, also has a negative view on the U.S. outlook...

[link to www.usatoday.com]

How's the hopey changey workin' out for you...