A downgrade immediately increases borrowing costs as investors demand a premium to compensate for the higher perceived risk.

降级立刻增加了借贷成本，因为投资者要求额外费用以补偿更高的感知风险。

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So, it does not imply a fundamental increase in risk, and we don't believe that investors should change their behavior based solely on the downgrade.

因此，这并不是说，从根本上，增加了市场风险，而且，我们不相信，光靠降级事件，就能让投资者改变其行为理念。

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Even if the debt limit is increased, the credit raters suggested that without a substantial deficit reduction plan, the US sovereign rating was still at risk of a downgrade.

即使提升了债务上限，但信用评级机构称如不能达成实质性的缩减赤字方案，则美国主权信用评级仍将面临降级威胁。

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Mr Krautzberger says it is more likely that spiking bond yields will spur the rating agencies into action than vice versa, but many investors remain wary of the downgrade risk.

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As for the credit-rating concerns, research firm Municipal Market Advisors said in a recent report that Detroit's "risk of downgrade" has "increased" in part because of the sharp demographic decline.

WSJ: Detroit's Decline Adds to Financial Strains

In the U.S., the fiscal cliff debacle promises to take its toll on markets, much like the debt ceiling debate which resulted in a credit rating downgrade and a massive risk asset correction last year.

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