A couple of years ago the overly good ratings of assets caused a financial crisis. The ratings agencies were widely criticized but no reforms occurred.

Now we have a financial crisis caused by ratings agencies downgrading assets. Why do we still trust their advice? I don’t understand.

“The Spanish downgrade really does ratchet up the pressure on the European Union. Spain's stock market has just closed 3% lower, and financial companies across Europe were hit by a late wave of selling.”

Europe’s financial crisis – LIVE | Business | guardian.co.uk.