> What does a credit rating even mean for a country that prints reserve currency? The credit rating affects borrowing cost (how much interest you have to pay).

> What does a credit rating even mean for a country that prints reserve currency? The credit rating affects borrowing cost (how much interest you have to pay). When you think of the debt ceiling that the US frequently hits, somebody is buying that debt. And reserve currency or not. Printing your own money dilutes it, contributing to inflation. Edit: Forgot to say, a lot of that debt is held by U.S. tax payers and corporations. To see what effect rising interest rates have, you need to look no further than Silicon Valley Bank.