[Skybird]

Yes, rating agencies made mistakes, especially in 2008, they are likely to be under some political and informal influence/pressure form the US political class, and yes, they are mostly late to the party, just putting into a school-note what the markets for the most already knows.

That's why it is hilarious when Europeans in their attempt to glorigy and tell lies about the efficiency of European handling, accuse rating agencies to detoriate the situation by their assessments, causally. Europeans just try to blame them, and mistake cause and effect.

European tactics and handling of the crisis is anything but convoncing and shiny. But that does not mean that America'S handling of its problems is any better. Seen this way, European'S scepticism on the role of US rating agencies, in this regard is justified. Europe must not allow Washington to impose influence on European decision makers to change its policies according to American ways of printing money and making even more debts: the US state of things is not such that one could argue it gives evidence for the American way being right and correct. However, the claim over the role of rating agencies as helping to causally inflame symptoms of the crisis, is absurd. For the most they indeed are too late with their ratings, trying to catch up with reality's events that are in lead.

There are other rating agencies as well in the world, and I would have a look at the chinese ones, too. A few of them had downrated the US and European states long before this even was considered a possible event in the West.