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
Liverpool edged an epic penalty shootout to beat Middlesbrough and progress to the fourth round of the Capital One Cup.
The world famous musical, which has been running on Broadway since 1997, has broken records earning more than £2.8 billion.
There will be wet weather around tonight with rain drifting from north to south which will lead to scattered showers tomorrow morning.