On Wednesday investors were wondering if the market would continue to blow off negative news from Europe – after the latest development called Germany’s pristine credit rating into question.

Largely believed to be a pillar of strength - Egan Jones downgraded Germanyto AA- from AA, a move that suggests the financial woes of Europe may ensnare Berlin, too.

Although Egan Jones is a smaller ratings agency, “Sean Egan has been trying to get in front,” explains senior strategist and CNBC contributor Gary Kaminksy.

The pros think these developments will force investors to confront the possibility of a similar downgrade coming from the larger ratings agencies such as Fitch, Moody’s or S&P – something that until Wednesday seemed unlikely.

Is a stock market storm brewing?