One of the reasons that you will not find a single middle eastern country with a high credit rating is because of the overwhelming potential for political volatility. Not to say that the U.S. is on the verge of major regime change, but things are so partisan that no progress can be assured. Congress came within hours of not being willing to pay its debt just a week ago. Its not that there was a question of whether or not the U.S. could pay its debt. The point is that there was, and still is a question of whether or not they will be able to agree over what needs to be done and pass legislation in a timely manner.
Not only does it appear that some people in congress are willing to allow a default, but they promptly went on vacation after "accomplishing" an agreement to raise the debt ceiling while cutting spending in amounts that appear to only be a drop in the bucket. That's right folks, congress gave themselves a pat on the back after coming to a deal that does nothing to solve the problem. The deal that they agreed to merely slows the debt curve instead of making a meaningful change in direction. That is why I agree with S&P's decision.
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