Japan also sees a rating downgrade due to debt burden.

Governments have to be given advance warning by ratings agencies of any sovereign rating downgrade.

But the economic damage to the UK from a rating downgrade will be negligible.

"The rating downgrade reflects the quickly deteriorating business and financial fundamentals of the company," Moody's said in a statement.

It would appear that despite its recent rating downgrade and burgeoning debt mountain, the US still finds favour with them.

The large budget deficits and government debt since the 2009 global recession and followed by earthquake and tsunami in March 2011 made the rating downgrade.

French credit rating downgrade; Khan re-match; and Norway Black Metal is up for a gong.

Credit rating downgrade to 'junk'

In this situation it is the market and it expects some action on expenditure cuts this year or there will be a cost and possibly a rating downgrade.

Moody's said the rating downgrade of one of the world's leading auction houses reflected the impact of the litigation settlements and the company's increased reliance on secured bank debt.