This isn't about Google's bond-worthyness or financing corporate debt, but instead about their stock's perceived value. (The article talks about GOOG being rate

This isn't about Google's bond-worthyness or financing corporate debt, but instead about their stock's perceived value. (The article talks about GOOG being rated "buy" versus "sell", not AAA or B which are bond terms.) S&P ratings do affect how Google will run the business: If Google's stock takes a hit, employees get restless and are more likely to look elsewhere for employment. Employees aren't always long term focused in stock prices. Google could use this as an excuse to buy back their own shares to drive up value.