... according to the Dagong Global Credit Rating Co, "China's first official credit rating agency", which has downrated us to AA- today. Cheeky buggers.
By contrast S&P continues to rate us AAA: Negative Outlook. George Osborne would probably have hoped for better, but they have doubts over growth projections and, frankly, everyone has their concerns.
Helpfully, Mr Pratley (sic) of the Grauniad tells George not to fret, seeing as how the rating agencies are rubbish. It's true, Nils, we've said so ourselves - but their usual sin is over-optimism, so I'm not sure this helps. The importance of the AAA is easy to forget, because we've enjoyed it for so long - but hard to overstate.
I once worked in the Treasury of an AAA-rated energy company (not Enron this time, needless to add). We agonised long and often over just how much it was really worth to us: perhaps we'd have done better loosening up a bit (e.g. by using project finance instead of funding everything ourselves). But we were highly cash-generative, and the odd point on the overnight overdraft wouldn't have mattered a hoot.
The UK is not in quite the same happy position. That Spending Review can't come quick enough and, as we've said before - no summer hols for Danny & George.