S&P's Idiocy

S&P just downgraded the US to a AA+ rating, down from AAA. Much as I too was frustrated by the debt ceiling shenanigans fueled by the extreme right-fringe, I cannot understand this move by the S&P. It seems like an idiotic move at best because what does it really mean to downgrade US debt? There is only one real bond market in the world where you can park massive billions of dollars. This move will not curtail the demand for US debt but it will make it costlier for the US to borrow. Which, in turn, will actually increase the risks to the US economy and by extension the world economy. And really - France is a better credit risk than the US? Not to mention the UK and Australia? I hope, I really do hope that this move is the beginning of the end of the relevance of the credit rating agencies. For what it's worth, I have lowered my rating of S&P to F. Wait, F-.