The Debt Turmoil Crisis

From Washington to Brussels, Moody's, Standard & Poor's and Fitch have added to the intense pressure on governments trying to deal with crushing sovereign debt. Their warnings about the precarious finances of the world's top economies have also roiled investors more accustomed to seeing emerging market countries take the brunt of criticism. Tension hit new highs on both sides of the Atlantic last week as Moody's and Standard & Poor's threatened to downgrade the United States' prized "triple-A" rating. A few days earlier, Moody's slashed ratings in Treland and Portugal to "junk" status, triggering an outcry from European officials.

Now that the agencies are focusing their fire on the rich world, U.S. and European officials -- long proponents of seeing indebted nations "take their medicine" -- are crying foul.
Their complaints carry a strong sense of deja-vu.
http://www.reuters.com/article/2011/07/17/us-usa-debt-ratingsagencies-idUSTRE76G1H220110717