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
Alex Salmond has not given up on his ambition for an independent Scotland and believes in future a 'yes' vote would win.
Dramatic video recorded during the return of NASA’s Orion through Earth’s atmosphere reveals intense conditions on the Orion spacecraft.
Rain will continue to fall in the north and west of England as the south remains largely dry for the start of the day.