Hey Greg
Been following your bond watch!

"China Downgrades US Credit Rating From A- To BBB+, Warns US Insolvency Would "Detonate Next Crisis" (Reuters)

You betta expect some retaliation soon.

In 2011, Standard & Poor downgraded the U.S.

In February, 2013, the "Justice Department filed a suit against S&P seeking $5 billion in fines related to its ratings of bonds backed by subprime mortgages ahead of the financial crisis. It argued that S&P gave deceptive ratings to the mortgage securities between 2004 and 2007 in order to collect fees from the firms that were pooling the risky home loans into securities."

Standard & Poor's is arguing in a court filing that it is being sued by the Justice Department in retaliation for the firm's downgrade of the U.S. government's credit rating two years ago.

Source: (http://money.cnn.com/2013/09/04/news/companies/sandp-downgrade-lawsuit/index.html"