downgrades

The downgrades of Fannie Mae and Freddie Mac could make it more difficult for Americans to buy a house, and further damage the wider economy

Portugal is the latest European nation to get slapped with a downgrade on its debt. On Tuesday, Moody's Investors Services took Portugal's bond rating down a few notches, citing a foundering economy.

Ratings agencies Moody's and Fitch downgraded BP's credit status by one notch and warned of further downgrades if BP doesn't stem the Gulf oil leak.

Doubts about BP's future grow everyday. Some analysts say it may have to sell off its most prized assets to weather the storm.

Stephen Beard reports.

Credit-rating downgrades for developed countries and upgrades for emerging markets aren't exactly turning the world upside down, but it's a trend investors shouldn't ignore.

Pay cuts, sometimes the result of downgrades in rank or shortened workweeks, are occurring more frequently than at any time since the Great Depression.