Nobel Laureate in Economics Dr. Joseph Stiglitz doesn't rate the ratings agencies too highly.
According to a report on Russian TV, Dr. Stiglitz says if there hadn't been falsification of ratings prior to the 2008 crash, the financial world would have been in a better shape.
It was the sweet coating of companies and banks standings that duped investors into investing in junk grade stocks which were rated more favourably, instead of (for example) a triple C upgraded to triple A.
Such a sweeping generalisation must have a grain of truth, and ratings agencies ratings can only be taken with a pinch of salt, as opinion rather than some divine authority.
That has been clear for some time now.