On the only previous occasion S&P dropped the UK's outlook from stable to negative, George Osborne - then the shadow Chancellor - was quick to highlight its significance:
It's now clear that Britain's economic reputation is on the line at the next general election, another reason for bringing the date forward and having that election now.
For the first time since these ratings began in 1978, the outlook for British debt has been downgraded from stable to negative.
The comments are in marked contrast to his recent views on the issue.
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It comes after security was stepped up around the country following the Manchester Arena attack which killed 22 people.
A murderer nicknamed 'Houdini' after escaping the death penalty seven times has been given the lethal injection.
The distress signal sparked a police hunt in the area to find the person or group who made it.