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
Primary school teacher Lewis Siddall was killed in an 'unprovoked and senseless' act of violence, family and police say.
Make the most of the mild air.
The vehicle is captured on CCTV crashing through the shop window and hitting a browsing customer who was lucky not to be seriously hurt.