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"But it is quite rational to have this kind of downgrading with this kind of debt".
Turning to the dynamics of over- and undereducation over time and their methodological implications, there is a massive literature on upgrading and downgrading with regard to occupations.
In line with our results, they find that the downgrading with respect to occupational status in origin is significantly higher for older-at-immigration immigrants.
This skill transferability indicator ranges from 0 to 1, with values closer to 1 indicating a higher degree of transferability as more workers are able to work in other occupations without downgrading with respect to their qualifications or information-processing skills.
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More pain for Spain as Fitch followed its sovereign debt downgrade with a lower rating for the country's utilities.
Further downgrades of assets reliant on the US government's rating have seen stocks remain under pressure after Freddie Mac and Fannie Mae were also downgraded with further downgrades of affiliated assets likely.
"In addition, compared to the beginning of 2011, consumer confidence has been further downgraded with the increasing risk of another economic downturn.
The hospital's A&E unit is set to be downgraded, with more serious urgent and emergency cases having to go to Carlisle for treatment.
The prospects for developing countries continue to be downgraded, with the forecast for growth cut from 4.8% in January's World Bank assessment to 4.5%.
Meanwhile analysts have been unveiling their own downgrades, with Canaccord Genuity cutting its target price from 100p to 85p with a sell rating.
This downward revision equates to slashing £103m from the previous forecast in June, with national newspapers taking the brunt of the downgrade with a £69m hit.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com