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For anyone who thought the wrangling over the U.S. deficit and debt ceiling in the "other Washington" didn't have much to do with this one, credit-rating agency Moody's had a stark rejoinder Thursday: Think again.

Moody's warned that if there's no budget deal and it cuts the federal government's top-notch credit rating, the equally high ratings of King County, Seattle and Bellevue, the University of Washington and five local school districts would be placed under review for possible downgrade as well.

That at least raises the possibility that the next time the county or one of those other public entities goes to borrow money, it would have to pay a higher interest rate. All now have the highest rating of Aaa, which gives investors great confidence they will repay the debt on time and allows them to borrow money at the most attractive rates.