S&P has also put the Bank of England's own AAA rating on negative watch. That has got to hurt.
The Treasury says that Standard & Poor's endorse the Government’s "strong commitment to implementing the fiscal mandate".
But they won't like this from S&P: "The Government's efforts over next few years to engineer planned correction in the UK's accounts will likely drag on growth."
More top news
A fine day across the UK - with Scotland and Northern Ireland also getting a look in on the sunshine.
People are still trapped under rubble - and the mayor of one town says "half of it is gone".
The 21-year-old was killed and a 30-year-old British man is fighting for his life after allegedly being stabbed by a French tourist.