Just a reminder...

...all of this is wrong.  No discussion of sovereign debt should ever occur in some vacuum where a would-be sovereign investor only has a single choice of where to invest.  Relative return on (and of) capital should be the major consideration.  Furthermore, the debt to GDP ratios are not as important once we acknowledge that sovereign currency issuers offer an entirely different paradigm of economics than standard commodity-backed currency policy.

"The key measure on sovereign credit quality is debt-to-GDP, in the case of the U.S., it’s risen rather dramatically, from four years ago at 75 percent debt-to-GDP, to currently over 104 percent,” Egan told CNBC on Tuesday.

“The problem in the U.S. is that the debt has grown whereas the GDP has not grown. (While) the U.S. has had the benefit of being the major reserve currency, that only takes it so far,” he added.

Egan-Jones first cut U.S. credit rating to AA from AA+ in April, citing concerns over a lack of progress in cutting federal debt; and again in September, to AA-, triggered by concerns the quantitative easing from the Federal Reserve would hurt the country's credit quality.