Downgrade of US credit

Last year I wrote about the consequence of the huge debt of the US. I said this is one of the reasons I believe in the not too distance future interest rates on bonds will have to rise substantially to continue to fund the deficit of the nation and if some of our biggest credits ie. China and Japan start shying away from our debt we will be in a economic peril much bigger that the credit crisis.
Last week we say the first sign of the collapse of the bonds which caused the commodities such as Gold and Oil to scream higher. Expect alot more of this in the future as the debt burden increases and countries move away from the dollar as their main asset, which they will.
The main talk last week why the markets pullback was the there is a possible downgrade coming on US bonds, will it happen or is it just speculation.