Britain Warned On Credit Rating - washingtonpost.com

Uh, oh...Might we need to redefine the risk free rate?As we have seen for months now, the threat of a US downgrade is no longer trivial. Months ago Chinese officials expressed their concern and it such speculation is common fare both online and in newspapers. Now the strongest signal yet that sovereign debt (even of the US and UK) really is no longer default risk free:Britain Warned On Credit