There are some good reasons why S&P's decision to put America's AAA credit rating on negative watch made more of a splash in the media than in the markets. Admittedly, the fiscal position in the US is arguably worse than in some euro-zone nations that have seen their credit ratings slashed. And we wouldn't be too surprised to see the US lose its AAA rating, at least temporarily. But there are a number of reasons why US debt will still remain attractive to borrowers.
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