Don’t sweat ratings downgrades on GOs?

In terms of safety, governors and state treasurers argue, GO state debt should be equivalent to Treasury bonds, or at least triple-A-rated corporate bonds. Although states can’t print their own money and are suffering budget problems during the recession, I tend to agree with the governors and treasurers. Don’t sweat ratings downgrades on GOs? Gee well the future will tell on this issue.