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S&P modifies these ratings by assigning or to further rate a bond's relative standing within each category.
Economists are split over the benefits of further rate cuts.
"It would leave room for further rate cuts if needed.
Further rate rises by the summer appear inevitable.
"A further rate hike would not make any sense".
She said further rate rises were likely to be gradual.
A further rate cut will result in catastrophically low levels of income from new annuities.
Willis Towers Watson indicates that underlying trends continue to point to further rate increases in 2016.
But analysts and economists worry that further rate increases may only dampen growth.
At their October meeting, Fed policy makers signaled that further rate reductions might not be needed.
Analysts said, however, that further rate cuts appeared unlikely unless severe deflationary pressure emerged.
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