Standard and Poor's may have downgraded the U.S., but the agency does not have a hit list of countries to put in its crosshairs and cut their ratings one by one, says David Beers, S&P's global head of sovereign ratings.
Standard and Poor's cut U.S. ratings to AA+ from AAA on Aug. 5 and fears are mounting that France is next.
"We don't have a hit list, we've obviously taken a number of rating actions in the euro zone going back a number of years; that's still an unfolding story which we're watching very closely," David Beers tells CNBC.
Investors and ratings agencies are keeping a close eye on how policymakers navigate the economy through a debt crisis that appears poised to spread from Greece to countries like Italy and Spain, which could inflict damage to banking systems in countries like France.
Standard and Poor's cut U.S. ratings and assigned a negative outlook, which means more downgrades are possible, based on sentiment that the government is not doing enough to lower its debt burdens.
It didn't take long for a blame game to erupt across Washington once news of the downgrade became public.
Former White House adviser David Axelrod tells CBS news program "Face the Nation" that Tea Party conservatives hijacked recent deficit-reduction deals by rejecting plans struck by mainstream Republicans and Democrats.
"The fact of the matter is that this is essentially a Tea Party downgrade," Axelrod says. "That clearly is on the backs of those who were willing to see the country default."
Some Republicans defended the downgrade.
"On the S&P thing, don’t shoot the messenger," Senator John McCain tells NBC's Meet the Press. "Is there anybody that believes that S&P is wrong in their assessment of the situation — of the fiscal situation of this country?"
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