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
More than 50 dog surfers of all breeds and sizes joined an annual dog surfing competition in California
A painting by artist LS Lowry is to go on show to the public for the first time.
A third of Olympic and world championships medals have been won by athletes with allegedly suspicious doping test results, report claims