Seriously, I cannot think of any, ANY playbook in which any ratable security could be rated higher than the US, or as high for that matter. At AAA it was easy enough to have an equivalent rating because AAA was the highest.
Now S&P has a problem, for the downgrade to have any cogent meaning they have to tell us what instrument is AAA or the whole thing is a farce.
Does anyone honestly believe Eurobonds are safer? Chinese?
Perhaps if Mr. Putin tells us the instruments he is using for currency reserve that would be a good place to start the analysis.