SAN FRANCISCO (MarketWatch) — Of the 17 countries rated triple-A by Standard & Poor’s, the United States now has the distinction of being the only one with a negative outlook after S&P earlier Monday lowered its view on U.S. credit ratings.

The news roiled stock markets, with the Dow Jones Industrial Average DJIA, +1.19% closing down 140.24 points, or 1.1%, at 12,201.59. Read MarketWatch’s stock market roundup

S&P cited large budget deficits and rising government debt in the United States, as well as uncertainties over how well these problems will be addressed. Read about S&P’s warning

But as Alan Ruskin, global head of G-10 FX strategy at Deutsche Bank, noted, the deficit/debt concerns behind S&P’s decision shouldn’t come as a surprise “to any market professional with a pulse.”

A negative outlook is quite different from being placed on negative review and doesn’t always lead to an automatic rating downgrade.

The U.S. dollar bounced back after losing some ground against the euro. However, it remained soft against the Japanese yen. Read how the dollar is faring against major currencies

Meanwhile, David Ader, a strategist at CRT Capital Markets, pointed out that the gross domestic product of the United States roughly equals the sum of all the other countries on the list.

“So while the downgrade threat is what it is, buyers shying away from US debt have little other choice,” Ader said in his commentary.

Aside from the 17 countries, S&P also rates Isle of Man and Guernsey, two British crown dependencies, at triple A with stable outlooks.

S&P sovereign ratings (LT/Outlook/ST) and GDP for 2009, from the World Bank