If Fitch becomes the second of the big three to knock the United States from its AAA perch, it may result in lower ratings at the state and local level.

It would probably be only a slight nick; it is a long drop from the top ratings category that the United States shares with nations such as Germany and Canada to the junk ratings being applied to nations such as Greece.

But it’s still a move in the wrong direction that could mean local governments have to pay more to raise money to build roads, schools and hospitals.

When it issued the negative credit watch Tuesday, Fitch said it “expects to resolve” the issue by the end of March — time enough for another debt-ceiling deadline to come and go.