Can governments go to CashConverters?

We may find out if the UK's credit rating gets downgraded, and that seems to be a possibility. I admit I know little about this sort of thing but thought that seeing Gordon popping down to the local pawnbroker with a nuclear submarine or a health service under his arm would be interesting to say the least. However,

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.