What AAA to junk ratings actually signify for a nation's borrowing costs on global capital markets.
This report looks beyond the announcement to explain the systems, trade-offs and unanswered questions at the center of the story.
The bigger picture
The debate surrounding explainers is often presented as a contest between competing positions. A closer examination reveals a more practical set of questions.
What to watch next
Independent journalism is most useful when it makes complex questions understandable without pretending that difficult choices have easy answers.
Discussion