S&P: This Sort Of Political Brinksmanship Is Exactly Why The US Is No Longer Rated AAA

Credit ratings agency S&P is out with a Q&A about the ongoing budget showdown in Washington.

Titled "The Debt Ceiling Debate Is Unlikely To Change The 'AA+' U.S. Sovereign Rating," the report argues just that.

"In our opinion, the current impasse over the continuing resolution and the debt ceiling creates an atmosphere of uncertainty that could affect confidence, investment, and hiring in the U.S." wrote S&P according to CNBC. "However, as long as it is short-lived, we do not anticipate the impasse to lead to a change in the sovereign rating,"

Obviously, should this madness drag on and the U.S. miss a payment, S&P could put the country into "selective default." S&P added that selective defaults lead to even lower credit ratings between CCC+ and B.

"This sort of political brinkmanship is the dominant reason the [U.S.] rating is no longer 'AAA'," they added.

S&P downgraded the U.S. from AAA to AA+ on August 5, 2011.