_ France may get downgraded. Belgium might get downgraded. But no credit rating agency can realistically downgrade Germany. First of all it would be meaningless. Germany follows all the budget rules that are promulgated. Secondly no one would pay attention. In its region of Europe, the bund is the safe haven. It has the same place that the American treasury bond has. Earlier this year a credit agency decided to downgrade the U.S. Nobody paid attention, and even more people flocked to buy the treasury bond.