A cut in its rating from the prized AAA - the highest available - would be damaging for the economy, pushing up the cost of borrowing for the Government, which would then feed through to higher taxes and higher interest rates nationwide.Well, I did say I didn't know much about it, but still this sounds as bad as having to hock submarines and hospitals, so I suppose everyone in the country will be hurt if it happens. Good old socialism, equality made possible by evenly spreading misery.
UPDATE: More here from someone who does know what they're talking about.