S&P downgrades the USA.  (WSJ, FT)

A link to the S&P downgrade of the USA in its entirety.  (FT Alphaville)

The S&P downgrade will have little practical effect on American banks.  (American Banker, Clusterstock)

Warren Buffett reacts to the S&P downgrade.  (Pragmatic Capitalism)

This is not a crisis.  (Aleph Blog)

The downgrade as Y2K scare.  (naked capitalism)

America’s creditworthiness is rated every minute of every day.  (Crossing Wall Street)

This downgrade has been telegraphed for weeks.   (Credit Writedowns)

Ten questions about the S&P downgrade.  (Big Picture)

The S&P downgrade is in part about S&P itself. (Economist’s View)

Josh Brown, “Our Man Behind the Curtain is no longer functioning properly.”  (The Reformed Broker)

Robert Reich, “Had Standard & Poor’s done its job over the last decade, today’s budget deficit would be far smaller and the nation’s future debt wouldn’t look so menacing. ”  (Robert Reich)

Daniel Indiviglio, “In fact, this might not turn out well for S&P. The firm might think it’s acting boldly or proactively. Instead, the market may question S&P’s reasoning skills. ”  (The Atlantic)

S&P’s political analysis is suspect to say the least.  (Daniel Drezner)

In defense of S&P.  (Henry Blodget)

What politicians should (and shouldn’t) learn from the S&P downgrade.  (Free exchange)

The S&P downgrade will have bigger political than financial effects.  (Points and Figures)

It’s really the US Congress that catches a downgrade.  (Kid Dynamite)

S&P is playing fire.  (Felix Salmon)

China piles on the S&P downgrade news.  (Reuters)

Emanuel Derman, “Karma is what happens when you kick the can down the road.”  (Reuters)

Time for a wake up call.  (Marginal Revolution)

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Updates:  Items from the Sunday linkfest (no further updates planned).

Check out the spread on sovereign bonds rated AAA by S&P.  (Baseline Scenario also SurlyTrader)

S&P will likely face a backlash due to their decision.  (A Dash of Insight)

It is time to remove the central role of NSRSOs in the financial system.  (Rajiv Sethi)

Sovereign defaults are ultimately political decisions, not economic ones.  (Felix Salmon)

Character has long since dropped out the ‘5 C’s of credit.’  (Interfluidity)

How should ratings agencies react to novel credit structures?  (Aleph Blog)

What would happen to the ratings agencies if they lost their regulatory clout?  (Crooked Timber)