The agencies have a formula to decide whether or not countries deserve a downgrade and the UK is not doing itself any favours by refusing to face up to its debt addiction.

Bloomberg: The U.K. is likely to spend 7 percent of revenue servicing debt this year and 9 percent in 2013, rising to almost 12 percent under the adverse scenario, Moody’s said.

Financing costs above 10 percent put countries outside of the AAA category into a so-called debt reversibility band, the size of which depends on the ability and willingness of nations to reduce their debt burden by raising taxes or reducing spending.

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We’re guessing the bond markets will have their say before the ratings agencies get to stick the boot in though.