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If they are downgraded to below investment grade, or junk, the team may have to pay higher interest rates if it issues new debt.
In the past few weeks, Hungary has had its sovereign credit rating downgraded to below investment grade by Standard and Poor's and Moody's Investors Service.
The basis of Gibbs' claim is understood to be that after McDermott left, Gibbs' duties and status at the club were downgraded to below his contractual position of first-team assistant manager.
The decisions mean that the county has only 90 days in which to fix its finances or see its bonds downgraded to below investment grade, or junk bond status, as it is often known.
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Australian airline Qantas has had its credit rating downgraded to 'junk'- below the lowest investment grade- by credit rating agency Standard & Poor's.
Harrisburg, the state capital, has been downgraded to five levels below investment grade by Moody's Investors Service, as the city considers bankruptcy in the face of $68 million in debt service payments.
Hungary's credit rating was downgraded to junk status, or below investment grade, last month by the ratings agency Moody's Investors Service.
Nokia's stock was recently downgraded to junk status, trading well below $3.3.. Dell: The Triple Play Blues.
Doppler weather radar displays estimated that maximum sustained winds had quickly weakened to below hurricane intensity, and the storm was briefly downgraded to a tropical storm.
The hurricane was downgraded to a tropical storm last night as its top sustained winds fell below 74 miles per hour.
Greece's credit rating was downgraded to BBB+, with a negative outlook, by Fitch, the first time in a decade that the country has received a rating below A. The downgrade caused stockmarkets to fall amid fears of a potential wider fiscal crisis in the euro area.
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