[Rational Thought]

That caught my eye as well.... a downgrade is still possible in the next 12 to 18 months

I'm sure the timing is just a coincidence (sarcasm).

[Rockingham]

For major borrowers, ratings agencies tend to follow the market. Before there is a ratings downgrade, interest rates and the price of credit insurance in the market signal declining credit strength. That is already happening with US Treasuries.