Bond investors have been put on notice by rating agency Standard & Poor's that it is not just the U.S. sovereign debt rating that is in jeopardy because of the ongoing wrangling in Washington over raising -- or not raising -- the federal debt ceiling and, especially, whether or how lawmakers cut the government’s massive and ever-growing deficit.

The agency says that the negative CreditWatch it and other agencies have placed on U.S. debt, and the potential of a downgrade later this year, also threaten the credit ratings of a multitude of other debt instruments and agencies, including some that are not even part of the federal government.

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