Any downgrade of Japanese sovereign debt would certainly increase the likelihood of a debt crisis.

任何调低日本主权债务评级的行为，都会加大债务危机爆发的可能性。

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And even if there was a downgrade of U.S. sovereign ratings, Patrick Chovanec from Tsinghua University says it probably wouldn't change that much.

即使美国的主权信用评级降低，清华大学的帕特里克·裘万尼认为这可能对上述债务影响不大。

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On the basis of the S&P downgrade and the CDS spreads, it would be tempting to conclude that Ukraine has enormous sovereign debts that it will struggle to pay this year.

基于标普的降级举措以及当前CDS溢价水平，这或许指出乌克兰需要今年偿还的国债规模庞大，而且偿还将会十分艰难。

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Hard assets are the likely benefactors of the U.S. sovereign debt downgrade on Friday.

FORBES: Hard Assets The Place To Be Following U.S. Credit Downgrade

And when a sovereign gets a downgrade (as Greece of course has) then corporates based in that country will see their own credit rating downgraded.

FORBES: Why Coca Cola Is Leaving Greece

European authorities need to avoid a further sovereign credit rating downgrade of Greece, which would put it in default, as this would make Greek bonds no longer good enough to be held as collateral by the European Central Bank.

FORBES: Voluntary Greek Debt Restructuring Still Constitutes Default, S&P Says