When ratings agencies judgements are patently WRONG as they were pre GFC and the junk packages offered by Wall St for sale were overvalued did or were these agencies ratings downgraded? Not at all nobody was ever charged for the over ratings given to Financial Institution products. Institution on which the agencies depended for thei incomes. The down rating of Victoria is totally and blindly accepted by by all politically opposed to Dan Andrews. Nobody is asking S&P to justify it’s decision with either facts or evidence. (ODT)

A downgrade in the credit rating of a government would once be greeted with fiscal self-flagellation of near religious intensity.

The ratings’ agency religion may be dead. But there are still lessons