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
German Chancellor Angela Merkel has called on fellow European nations to share the burden of the influx of migrants.
Satellite images have revealed the extent of the damage to the ancient Temple of Bel in Syria's Palmyra city by Islamic State jihadists.
Nearly half of all young people are bullied at school each day with many left feeling suicidal due to the experience, according to a survey