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Planet Money did a podcast the other day on exactly how the ratings are created. http://www.npr.org/blogs/money/2011/07/26/138721364/the-tues...

TLDL: There's no algorithm. There's no one ratio you can look at. Analysts travel to the country, assess how likely it is to pay its debt, and report back. A few people listen to the evidence then take a vote on the new rating.

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And, more importantly, a change in rating from AAA to AA+ doesn't mean anything compared to a sovereign being derated from investment-grade to non-investment-grade.

Derating may be a black eye to the US's status in the world economy, it's hardly the end of anyone investing in Treasury Bills.

[EDIT] That's from the podcast itself. I listened to the whole thing. Downvote the parent if you disagree.

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